RUSSIA: Andrey LARKIN elected new general director of INGOSSTRAKH

3 February 2021 — Marina MAGNAVAL
Andrey LARKIN was elected the new general director of INGOSSTRAKH by the decision of the board of directors, according to the company. He will also become the Chairman of the company's Management Board.

According to the company's statement, the new general director "will focus on strengthening customer loyalty to the brand, developing digitalization, maintaining INGOSSTRAKH's leadership in the market, as well as improving the efficiency of the company's operating activities".

Andrey LARKIN has extensive experience in banking, insurance, and telecommunications. Previously in INGOSSTRAKH he held the position of Deputy General Director for Financial and Economic Activities and with his participation the company successfully passed through the structural crisis in the MTPL market and the investment crisis of 2014. Among his most important achievements are changing the quality of the insurance portfolio, increased double-digit returns in investment activities, and doubling of the company's equity.

"The task is to continue digitalization, restructuring of all business processes with a focus on customer service. And this requires a well-functioning digital platform, which will become the core of our changes ... In addition, a great emphasis will be placed on the development of internal communications in the company. To solve these tasks, it is necessary that each employee understands the importance and value of his/her contribution to the upcoming transformation. We will do our best to have a constructive dialogue with our clients and provide them with confidence, simplicity and ease of interaction with INGOSSTRAKH", LARKIN said.

The company is one of the TOP-5 insurance companies in Russia; at the end of the third quarter of 2020, the insurer ranked third in terms of GWP. According to the company, GWP for 2020 amounted to RUB 116 billion (~EUR 1.27 billion*) with an increase of 5% y-o-y, while paid claims decreased by 5% to RUB 52.8 billion. Investment income of INGOSSTRAKH in 2020 amounted to RUB 11 billion (+28%), and net profit increased by 98% to RUB 12.3 billion. The insurer's assets reached RUB 197.6 billion (+10%), equity capital grew by 16% to RUB 87.9 billion.

* at the following exchange rate:

1 EUR = 90.7932 RUB (01.01.2021)

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