Transsiberian Re Summarized Financial Statements Results for 9 Months
OREANDA-NEWS. November 1, 2008. OJSC Transsiberian Reinsurance Corporation presented tax authorities with its financial statements for three quarters of 2008. Regarding the income statement, Transsiberian Re has gathered 618 million rubles for nine months of the current year. According to “Form No 2 – insurer”, the total volume of Transsiberian Re’s payments under the reinsurance contracts, concluded during 9 months of 2008 made up 280 million rubles.
In the third quarter the charter capital of Transsiberian Re increased by 60 million rubles to 185.7 million rubles. Transsiberian Re’s equity capital increased 16% to 282 million rubles as to the end of the third quarter. More than forth part of this sum is accounted for retained earnings of the previous years, which is a good reserve for further extension of Corporation’s charter capital.
Although as to 30 September of the current year the sum of investments, reflected in Form “No 1-Insurer” 4% exceeds the index of financial year-beginning, the world financial crisis couldn’t but influenced the investment effectiveness of Transsiberian Re. The market value of Transsiberian investments in shares and debt securities decreased. However, the effectively taken measures of considerable raise (+30.8%) of bank deposits decreased losses.
For the previous period the sum of construction-in-progress increased considerably (by 46%), which is explained by the ongoing reconstruction of Transsiberian Re’s villa in Prague, where the “International Bureau” branch of the corporation will be located. Undoubtedly, this is a good and reliable investment.
It is worth noting, that insurance reserves increased by 6.9% for nine months of this year. At that, the share of reinsurers in loss reserves increased 5 times to 13.4% for the financial period.
The financial period is marked by further growth of net-reinsurance. In comparison with the same period of the previous year, net-premiums increased 20% to 518 million rubles. The share of net-reinsurance in gross premiums increased from 52% to 84%.