OREANDA-NEWS. December 01, 2008. According to preliminary estimates, the total premiums collected by the insurance companies of SOGAZ Group – OJSC SOGAZ, OJSC Gazprommedstrakh (SOGAZ-MED), LLC IC Neftepolis and LLC IC SOGAZ-LIFE – in the first nine months of 2008 amounted to RUR 55.07 billion, or 26.4% more than in the same period of 2007. At the same time, the total volume of insurance indemnity rose by 21% to RUR 30.9 billion, reported the press-centre of SOGAZ.

The volume of premiums collected by the Group’s key member, OJSC SOGAZ, grew by 39.9% to RUR 32.9 billion. The company’s total volume of compulsory insurance premiums (except life insurance) reached RUR 32.3 billion in the period under review, or 40.4% year-on-year.

The highest growth rate was registered by the company in voluntary liability insurance, where its premiums increased by 61.3% (to RUR 1.6 billion). OJSC SOGAZ collected RUR 12.7 billion (up 23.3%) in personal insurance (except life insurance) premiums and RUR 18 billion (up 53.7%) in property insurance premiums. The total volume of indemnity paid by OJSC SOGAZ in the period under review grew by 26.0% to RUR 12.1 billion.

Insurance compensations paid under voluntary insurance other than life insurance amounted to RUR 11.8 billion, including RUR 8 billion of personal insurance (except life insurance), RUR 3.6 billion of property insurance and RUR 105 million of liability insurance.

SOGAZ Group collected RUR 20 billion in compulsory medical insurance premiums, a 40.5% increase on the first nine months of 2007, and paid RUR 18 billion (up 32%) in indemnity.

By results of the first nine months of 2008, the assets of the insurance companies comprised by SOGAZ Group rose by 33.6% year-on-year to RUR 65.7 billion. The Group’s insurance reserves increased by 39.5% to RUR 48.1 billion. Its equity grew by 17% to RUR 10.6 billion. Members of the Group posted RUR 2.5 billion in net profits in the first nine months of 2008, a 31.7% gain on the same period of 2007.

“Despite the current economic hardships, we hope that the premiums collection target of RUR 61.6 billion set for this year will be achieved”, says Chairman of SOGAZ Group Management Board Vadim Yanov. “At the same time, we intend to adjust our plans for 2009 taking into account our forecast for a lower growth rate in insurance premiums of 5-10%”.