OREANDA-NEWS. On 02 July 2009 was announced, that the annual general meeting of SOGAZ shareholders was held in Moscow.

Vadim Yanov, Chairman of the SOGAZ Management Board, presented a report on the company’s results in 2008 and goals for 2009 at the meeting. In particular, the speaker stated that SOGAZ maintained a considerable growth of insurance premium, which greatly exceeds the general market values, for all insurance types in the company’s portfolio. While the market growth rate (without compulsory health insurance) is 14.2 percent, the amount of SOGAZ premium grew by 33.3 percent last year and reached RUR 40 billion. Optional liability insurance was a considerable contributor to the premium growth: its growth rate reached 53 percent, which is nearly five times higher than the market average value for this segment. In 2008 the Company concluded 767,000 insurance contracts with a total liability of RUR 27,000 billion.

According to the 2008 financial statements, SOGAZ had positive financial results for the year. So, income before tax amounted to RUR 3.9 billion, while net profit grew by 17 percent and reached RUR 3.1 billion.

The general meeting of shareholders passed a resolution on increasing the SOGAZ share capital from RUR 3.08 billion to RUR 8.04 billion, by increasing the par value of SOGAZ ordinary registered uncertified shares 2.6 times from the company’s undistributed profit of past years.

Shareholders heard a report of the Audit Commission, and approved the SOGAZ annual report and financial statements for 2008.

PricewaterhouseCoopers Audit was chosen as the company’s auditor for 2009.