Ingosstrakh establishes life insurer in Ukraine
On May 18, 2007 CJSIC INGO Ukraine-Life meeting of founders has announced establishment of life insurance company in Ukraine. The company’s founders include OJSIC Ingosstrakh – 40%, JSIC INGO Ukraine – 30%, and IC Ingosstrakh-Life Ltd – 30%. Authorized capital will amount to Uah 21 mln. The company will be located in Kiev. Now, company undergoes antimonopoly body approval process, registration and licensing procedures. Upon completion, company will elect Board of Directors and Management Board.
Alexander Grigoriev, OJSIC Ingosstrakh director general said that decision to establish CJSIC INGO Ukraine-Life was taken due to fast development of Ukrainian life insurance market and its promising advantages from investments perspective. In 5-year period INGO Ukraine-Life will be able to enter the top of leading companies in this segment. Ingosstrakh and Ingosstrakh-Life will provide methodological assistance to newly-established company and adopt foreign and Russian expertise in life insurance to the market conditions in Ukraine.
International Insurance Group INGO was established in 2004 by insurers majority owned by OJSIC Ingosstrakh. INGO companies carry out coordinated insurance and reinsurance strategy in the national and global insurance markets, improve technological insurance processes and form universal standards of quality services. INGO incorporates Ingosstrakh (Russia), INGO Ukraine (Ukraine), SOFAG (Germany), IngoNord (Finland), Garant (Austria), INGO Armenia (Republic of Armenia), BelIngosstrakh (Republic of Belorussia), Kyrgyzinstrakh (Kyrgyz Republic), Ingosstrakh-Life (Russia), Ingosstrakh-M (Russia), Emergency Insurance Company (Russia), TIM Assistance Ltd (Russia), OJSMIC EMESK (Russia) and CJSIC Novosibirsk-Medicine (Russia). International Insurance Group INGO remains open for participation of other players; further increase in its members will be facilitated by Ingosstrakh’s international development strategy.
OJSIC Ingosstrakh (www.ingos.ru) operates in the global and national insurance markets since 1947. The company is one of the leaders in the amount of voluntary non-life insurance premiums.
Ingosstrakh has been rated by Standard & Poor’s (ВВ+/Stable, or ruAA+ on the Russian scale), Moody’s Investors Service (Ba1/Stable), Moody’s Interfax Rating Agency (Aa1.ru on the national scale), and Expert RA (A++).
Ingosstrakh is licensed to perform all insurance classes (insurers’ specialty), stipulated by Article 32.9 of Insurance Law and reinsurance. Company has branches in 214 Russian cities. 14 rep offices and subsidiaries operate in neighboring and other foreign countries.
Today, JSIC INGO Ukraine is a universal insurer covering all risks and providing voluntary and compulsory services in 40 classes under three main lines: corporate, special (marine, aviation, credit risks) and individuals. Company’s regional network includes 26 branches in all regional centers in Ukraine, and over 130 client offices across the country. In 1Q07, insurance premiums amounted to Uah 79.338 mln – Uah 23.041,9 mln more than in 1Q06 (in 1Q05 company collected Uah 56.296,1 mln). Claims grew by 51.7% and amounted to Uah 34.297,9 mln (Uah 22.614,8 mln in 1Q06). Company’s authorized capital, as of December 27, 2006 – Uah 50.000,4 mln.
