RUSSIA: from January to September, GWP of SBERBANK Insurance increased by 30%, and paid claims - by more than 34% y-o-y

10 November 2021 — Marina MAGNAVAL
GWP of SBERBANK Insurance for three quarters of 2021 exceeded RUB 20 billion (~EUR 0.24 billion*), which is 30% more y-o-y. At the same time, the company's net profit amounted to RUB 5.5 billion, ASN reports.

The largest GWP share (70%) came from retail products, the remaining 30% - from corporate insurance. It is also worth noting that about a third of the company's GWP is generated in mortgage insurance, where a significant increase is observed (+23.5% to RUB 6.1 billion).

In corporate insurance the volume of inward reinsurance has grown significantly - up to RUB 3 billion, as well as insurance of property of legal entities, which saw an impressive increase - by 50%, up to RUB 1.3 billion.

Paid claims of SBERBANK Insurance in the reporting period reached RUB 1.9 billion, which is 34.2% more y-o-y. Significant growth is noted in mortgage insurance (2.6 times, to RUB 434 million), as well as in corporate insurance - an increase of 1.5 times to RUB 247 million.

"Despite the change of the preferential mortgage program, it remains a growth driver for the corresponding insurance type, but demand has shifted from Moscow and St. Petersburg to the regions. GWP were also significantly impacted by our increased presence in the corporate insurance segment, including reinsurance. For example, SberStrakhovanie participates in almost all domestic space launches. Today we continue to build up our portfolio in both corporate and retail directions. Considering the recent launch of MTPL, we expect our position in the market to strengthen and we see active customers' interest in the product. With a view to further growth, our team is working on expanding sales channels, but at the moment the banking sector remains the main one", Mikhail VOLKOV, CEO of SBERBANK Insurance, commented on the results for 9 months of 2021.

* at the following exchange rate:

1 EUR = 84.3050 RUB (01.10.2021)

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