UZBEKISTAN: INGO has increased share capital

11 July 2013 —
On June 25, 2013 has been held the annual general meeting of shareholders of the insurance company "INGO-Uzbekistan" where were discussed results of the company activities for 2012. Also, at the meeting in order to implement the Resolution of the President of the Republic of Uzbekistan dated from 31.05.2011. Number of PP-1544 "On additional measures to further improve the financial stability of insurers' shareholders decided to increase share capital through capitalization of retained profit and making the appropriate changes in the constituent documents of the company.

On July 1, 2013 amendments introduced to the constituent documents of the company in connection with the increase in share capital were registered in the Ministry of Justice, according to which the size of the share capital of "INGO-Uzbekistan" composes 3,492,137.29 euro in the equivalent.

In addition, at the annual general meeting of shareholders of "INGO-Uzbekistan" were summed up activities for 2012. In particular, was noted that the total insurance premiums amounted 6.2 billion, an increase of 47.9% versus the figure of 2011, significant volume growth achieved by species such as travel insurance, hull insurance, and voluntary medical insurance. In the regions, insurance premiums increased by more than 3.2 times and amount 1.7 billion soums.

The volume of paid insurance claims totaled 1.35 billion soums that is by 58% more comparing to the figure of 2011. In particular, was paid 0.55 billion sums - on voluntary health insurance, 0.33 billion - on hull, 0.24 billion soums - travel insurance, 0.14 billion soums - property insurance and 0.09 billion - for other types of insurance.

The total value generated by the end of 2012 insurance reserves has reached 3.15 billion soums and increased by 48% versus the figure of 2011. Total investment of the company grew by 21% and reached 10.5 billion soums. Also increased the company's assets by 19.2% amounting 13.2 billion soums.

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UZBEKISTAN: INGO has increased share capital
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