OREANDA-NEWS. October 13, 2010. The Ritz-Carlton Moscow hotel hosted the 6th annual forum of Russia’s large businesses, Expert-400. The event was participated in by such prominent figures as S. Ivanov, deputy prime minister of the Russian Federation, V. Gruzdev, first deputy chairman of the State Duma Committee for civil, criminal, arbitration and procedural law, S. Naumov, state secretary and deputy minister for industry and commerce of the Russian Federation, representatives of ministries and federal agencies, members of the State Duma of the Russian Federation and the managers of Russian private companies operating in a variety of industries, which were included in the 16th annual rating of Russia’s largest companies ‘Expert-400’ (Expert magazine No 39 (723) for October 4th-10th 2010)

The Ingosstrakh group (comprising Ingosstrakh OJSIC and SK Ingosstrakh-M LLC) is 97th in the rating, i.e. it ranks among the top 100 Russian companies. The main criterion that was used for including companies in the Expert-400 rating was the sales of goods and services in 2009. In the case of insurance companies, their total premiums and net investment revenues less premiums paid to reinsurers were looked at. Data were taken from their IFRS financial statements. In 2009 Ingosstrakh’s total premiums, net revenue from investments less premiums paid to reinsurers were RUR 50,219.9 million, which was 22.7% more than in 2008.

In addition, Ingosstrakh successively won the fifth time in the nomination for the informational transparency. According to the general director of the Expert RA rating agency, Dmitry Grishankov,’ the company always discloses full and reliable information about its activities to its partners, customers, mass media and rating agencies. We are especially impressed with the fact that Ingosstrakh is the first Russian insurance company to follow the good practice of preparing and disclosing IFRS financial statements, getting independent assessments by rating agencies and creating a risk management system. In terms of transparency Ingosstrakh is ahead of many companies in other industries and can be regarded as a beacon in the field of transparency, financial management and quality reporting.’

It should be remembered that this September the Expert RA rating agency confirmed the A++ reliability rating of the Ingosstrakh group, which means that the company is ‘exceptionally reliable’, while the international rating agency Standard & Poor’s revised the forecast for the ratings of Ingosstrakh from ‘negative’ to ‘stable’. At the same time the company’s credit rating and financial stability rating were confirmed at the level of BBB-, while its rating on the national scale was confirmed at ruAA++.

It should also be noted that Ingosstrakh was given many other prizes and awards. In 2010 the company won the Golden Salamander national insurance award in two main nominations; Insurance Company of 2009 and the Most Transparent Organisation of the Year. In addition to that this year Ingosstrakh also became the laureate of the Brand of the Year/EFFIE-2009 award, the 15th National Financial Award ‘Financial Olymp-2009’ as the largest insurance company in the Result and Success category and the 6th annual financial public award ‘Financial Elite of Russia 2010’ in the nomination ‘ Grand Prix: Best Insurance Company in the past Five years’, and last but not least Ingosstrakh won in the 12th Russian National Contest ‘Golden Diploma for Transparency and Impeccable Business Reputation.’