OREANDA-NEWS. On 19 June 2009 was announced, that according to Q1 2009 results, the consolidated written premium reported by the companies integrated in INGO Group, namely by Ingosstrakh IJSC (Russia), SOVAG (Germany), INGO Ukraine (Ukraine), Garant (Austria), IngoNord (Finland), Belingosstrakh (Republic of Belarus), INGO Armenia (Armenia), Kyrgyzingosstrakh (Republic of Kyrgyzstan), INGO Uzbekistan (Uzbekistan), SK Ingosstrakh Life (Russia), Emergency Insurance Company (Russia), ASK INGO Ukraine Life (Ukraine), in accordance with the International Financial Reporting Standards (IFRS) amounted to RUB 14.5bln vs. RUB 12.0bln reported for the same period last year (+21%).

The largest share in the consolidated written premium of INGO Group was provided by Ingosstrakh IJSC (83%). The breakdown of Ingosstrakh’s insurance portfolio in Q1 2009 was as follows: 49% - insurance of cars and motor TPL, 16% - insurance of property against fire and related risks; 16% - personal insurance; 6% - insurance of cargos, freights, hull insurance of ships and insurance of ship owner’s liability; 13% - other types of insurance.

Payments made by the companies of INGO Group for the reported period amounted to RUB 7.5bln, which is 36% more than for the same period last year.

The loss ratio of INGO Group net of currency exchange effects in Q1 was reported at 62.2%, which was practically identical to 62.0% last year. The Group managed to reduce its losses and maintain the growing insurance portfolio in conditions of fierce competition in the key markets.

The value of the combined ratio net of currency exchange effects of INGO Group in Q1 2009 was reported at 93.3% vs. 93.7% in Q1 2008 due to lower costs of doing business.

The Group’s investment income for the first three months of 2009 amounted to RUB 1.1bln vs. the loss of RUB 0.06bln in Q1 last year.

Better insurance performance and higher investment income influenced overall profitability of the Group. The consolidated net profit for 3 months of 2009 increased more than 5 times to RUB 1.6bln vs. RUB 0.3bln for the same period in 2008.

The Group’s consolidated assets as at 01.04.2009 amounted to RUB 78.1bln vs. RUB 72.0bln as at the end of 2008 (+8%), the Group’s equity capital went slightly over RUB 16bln (+12% vs. 2008).