07.04.2016, 01:11
Net Profit of SOGAZ Group Exceeded RUB 21.7 Billion in 2015
OREANDA-NEWS. According to the International Financial Reporting Standards (IFRS), the net profit of SOGAZ Insurance Group in 2015 increased by 57% as compared to 2014 to over RUB 21.7 billion. This is a record-breaking figure for the Russian insurance market. The Group's assets excluding reinsurers' share exceeded RUB 211 billion (+14%).
According to IFRS, the net profit of SOGAZ Insurance, a key member of the Group, increased by 52% to RUB 19 billion. According to Russian Accounting Standards, the net profit of the company reached RUB 19.2 billion, which is 44% higher than in the previous year.
"The main factors contributing to the increase of SOGAZ Insurance profit were a low combined ratio and growth of revenues from investment activities. The combined ratio was 86%, which is 2 percentage points lower than in 2014. The loss ratio also decreased to 64.1% in 2015. "Last year turned out to be relatively favorable for the Company due to no large insurance losses", said Olga Krymova, Deputy Chairman of the Board of SOGAZ.
Engineering business results of SOGAZ Insurance exceeded RUB 27.7 billion in 2015, which is 34% higher than in 2014. The insurance business result increased by 52% to RUB 13.7%.
Sales growth affected SOGAZ Insurance investment portfolio, which was RUB 130.5 billion (including funds on settlement accounts) at the end of 2015 or 17% higher than at the end of 2014. The total investment income of SOGAZ Insurance amounted to RUB 13.6 billion (+36%).
"The growth of investment income was driven by relatively high rates on investment instruments and an increased volume of investment portfolio due to active sales development. "The Company adheres to a conservative investment strategy: the funds are mainly placed in reliable instruments with a fixed income, and the main share in the structure of investment portfolio is represented by deposits", said Olga Krymova.
SOGAZ Insurance assets excluding reinsurers' share exceeded RUB 178 billion at the end of 2015, which is 17% higher than at the end of 2014. The capital grew by 20%, amounting to RUB 66.7 billion (RUB 55.4 billion at the end of 2014)
According to IFRS, the net profit of SOGAZ Insurance, a key member of the Group, increased by 52% to RUB 19 billion. According to Russian Accounting Standards, the net profit of the company reached RUB 19.2 billion, which is 44% higher than in the previous year.
"The main factors contributing to the increase of SOGAZ Insurance profit were a low combined ratio and growth of revenues from investment activities. The combined ratio was 86%, which is 2 percentage points lower than in 2014. The loss ratio also decreased to 64.1% in 2015. "Last year turned out to be relatively favorable for the Company due to no large insurance losses", said Olga Krymova, Deputy Chairman of the Board of SOGAZ.
Engineering business results of SOGAZ Insurance exceeded RUB 27.7 billion in 2015, which is 34% higher than in 2014. The insurance business result increased by 52% to RUB 13.7%.
Sales growth affected SOGAZ Insurance investment portfolio, which was RUB 130.5 billion (including funds on settlement accounts) at the end of 2015 or 17% higher than at the end of 2014. The total investment income of SOGAZ Insurance amounted to RUB 13.6 billion (+36%).
"The growth of investment income was driven by relatively high rates on investment instruments and an increased volume of investment portfolio due to active sales development. "The Company adheres to a conservative investment strategy: the funds are mainly placed in reliable instruments with a fixed income, and the main share in the structure of investment portfolio is represented by deposits", said Olga Krymova.
SOGAZ Insurance assets excluding reinsurers' share exceeded RUB 178 billion at the end of 2015, which is 17% higher than at the end of 2014. The capital grew by 20%, amounting to RUB 66.7 billion (RUB 55.4 billion at the end of 2014)
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