OREANDA-NEWS. Net profits for OJSC SOGAZ - a key member of the SOGAZ Group - totalled 12.5 billion roubles according to international accounting standards (IAS) - up 3% on 2013, when they totalled 12.2 billion roubles. The net profit for SC Transneft, the group's second-largest company, totalled 2.58 billion roubles in 2014. This information was given to journalists at a press conference held on 3rd March 2015 by the SOGAZ Group's Deputy Chair, Mrs Olga Krymova.

In figures supported by the standards of Russian accounting, the net profit of OJSC SOGAZ in 2014 totalled 13.3 billion roubles - up 10% on the preceding year.

The technical result for the insurance business for 2014 totalled nearly 21 billion roubles, which is up 3% on 2013.

The combined coefficient (defined as the ratio of losses involved, the costs of operating the insurance contracts, and the costs of doing business on the premium revenue earned) rose by 5.9 percentage point, to 91.1%. "The increase of the combined coefficient is due to a number of substantial insurance events which happened during 2014. Alongside this, this indicator remains one of the lowest in the Russian insurance industry market", Mrs Olga Krymova emphasised.

The loss ration for OSJC SOGAZ was up by three percentage points, at 65.9%.

Growth in sales prompted a direct effect on OSJC SOGAZ's investment portfolio, which totally 11.1 billion roubles at the close of 2014 (factoring in cash held in current accounts). This is 14% higher than at the close of 2013.

The company continues to maintain a conservative investments strategy. Funds are invested primarily in reliable fixed-income financial products, with the majority of the of the investment portfolio residing in deposits. The overall investment income of OSJC SOGAZ totalled 10 billion roubles.

The assets of OSJC SOGAZ were in excess of 180 billion roubles based on 2014 figures, not including reinsurance shares. This is nearly 16% up on the figures at the end of 2013. The capital of the company totally 55 billion roubles (compared with 50.1 billion roubles at end-2013).