OREANDA-NEWS. February 01, 2010. According to preliminary data, in 2009 the total amount of premium fees of SOGAZ Group’s insurance companies was RUR 83.8 billion, which is 8% higher than the target (RUR 77.6 billion) and 19% higher than in 2008 (RUR 70.6 billion).The total payments of the Group increased by 32% vs 2008 and amounted to RUR 59.2 billion. These figures were made public by Vadim Yanov, Chairman of the Management Board of SOGAZ Insurance Group, at the press briefing on Tuesday. The main factors of the increase in premiums included affiliation of Sheksna Group by SOGAZ, increase in voluntary and compulsory health insurance premium and liability insurance premium. Life insurance showed the greatest slump. Dynamics of premiums in property insurance was not affected significantly.

Without regard to Sheksna Group companies, the premium income of SOGAZ increased by 11% and reached RUR 78.1 billion, payments increased by 20%, up to RUR 54.1 billion.

The premium of the key Group member (JSC SOGAZ) amounted to RUR 40.4 billion which is 1% higher than in the previous year. Payments increased by 12% up to RUR 19.7 billion (in 2008 – RUR 17.7 billion).

SOGAZ Group’s property insurance premiums amounted to RUR 24.3 billion which is 3% higher than in the previous year (RUR 23.5 billion). Payments increased by 11% and reached RUR 6.5 billion.

Increase in medical insurance premiums was 42% (in 2009 – RUR 39.5 billion, in 2008 – RUR 27.8 billion). In voluntary health insurance, premiums increased by 34% and amounted to nearly RUR 14 billion. Significant increase in premium income occurred in liability insurance. Premiums of this type of insurance increased by 47% and amounted to RUR 2.5 billion. The payments were equal to RUR 343 million which is two times higher than in the previous year.

According to the Chairman of the Management Board of SOGAZ, as expected, significant decrease took place in life insurance. In 2009 premium income of IC SOGAZ-Life decreased by 53% (from RUR 2.42 billion to RUR 1.14 billion). Nevertheless, the company almost reached target  income which was RUR 1.22 billion. Life insurance payments fell by 39% - from RUR 424 million to RUR 259 million.

Vadim Yanov admitted that Gazprom’s share in SOGAZ portfolio had been decreasing for the last several years, and, while in 2008 it was 47% (without compulsory health insurance), in 2009 Gazprom’s share fell to 45%. Other customers’ share in the Group’s portfolio increased from 53% to 55% accordingly.

In 2009 the total value of assets of the Group’s insurance companies grew by RUR 14 billion, and at the end of the year it was RUR 77.6 billion. This is 23% higher than in 2008 (RUR 63.1 billion).

The Group’s premium reserves increased to RUR 50.3 billion (+19%). The total capital of the Group increased to RUR 16.4 billion (+40%).

According to estimates, the Group’s proceeds from investments in the 12 months of 2009 will amount to RUR 2.8 billion, which is 575% higher than in 2008. Moreover, investment proceeds of JSC SOGAZ increased by more than 8 times, from RUR 241 million to RUR 1.94 billion.

In 2009 net profit of SOGAZ Group amounted to RUR 4.3 billion (according to Russian Accounting Standards) which is 43% higher than in 2008.