OREANDA-NEWS. August 1, 2008. OJSC Transsiberian Reinsurance Corporation submitted financial statements for the first half of 2008 to the tax authorities. According to the income statement during the first six months of this year, Transsiberian Re collected 341 million rubles. Total amount of payments of Transsiberian Re on contracts adopted in reinsurance for the first half of 2008 amounted to 116 million rubles.

The amount of investment, reflected in the balance sheet, at 1.3 times exceeds the figure of the last year. Since then, the quality of investment portfolio improved, its structure has changed. Financial management carefully monitors compliance with directions and investment requirements of the insurance legislation, as well as changes in economic conditions.

The amount of equity of Transsiberian Re as at June 30, 2008 amounts to 253 million rubles, which is 20% higher than the comparable figure of the last year (in 2007, the same growth of equity was seen). And a significant proportion of them (41%) from the first half of 2008 is the retained profit of previous years, which is a potential reserve for further expansion of the chartered capital of the Corporation.

This year is marked with decrease in the amount of insurance provisions: at the end of the first half, they amounted to 728.5 million rubles, which is 20% lower than a similar measure of the last year.

Currency balance of Transsiberian Re on the basis of 6 months of 2008 amounts to 1095 million rubles, which is compared to the same period of last year decreased on 9%. The main reason was the decline in the amount of insurance provisions. A positive point is the decline of retrocession. As a result, the share of net reinsurance of Transsiberian Re recently grew from 52% to 80%.