OREANDA-NEWS. The authorized capital of SOGAZ Insurance, a key member of SOGAZ Insurance Group, was increased from RUB 15.1 billion to RUB 25 billion. The respective amendments in the Company Charter were registered by the Federal Tax Service at the end of February. Thus, the amount of SOGAZ authorized capital became the largest on the Russian insurance market.

"Financial stability is the key criterion of reliability of an insurance company, determining that the company will be able to fulfill all assumed obligations to its clients and partners. Today, SOGAZ is the market leader in terms of its own funds, reserves, and investment income. "Our authorized capital, the largest among insurers, will become our additional competitive advantage and an indicator of the Company's financial capability", noted Olga Krymova, Deputy Chairman of the Board of SOGAZ.

The resolution to increase the authorized capital was adopted by SOGAZ shareholders in October 2015. The authorized capital was increased through the issue of ordinary registered book-entry shares placed by conversion into shares with a higher par value. For this purpose, the Company used undistributed earnings of prior years.

Olga Krymova also noted that according to IFRS, the capital (equity capital) of SOGAZ Insurance was RUB 65.3 billion at the end of 2015, having increased by 18% as compared to 2014.