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Pyatnits SC) EIJSC 39362474 Moscow 2008 ANNUAL REPORT Table of contents Address by the General Director ............................................4 Reinsurance ..........................................................................49 Position of Ingosstrakh in the Insurance Market .....................6 Investments ..........................................................................52 Quantitative and qualitative insurance Marketing .............................................................................54 market parameters ..............................................................9 Personnel .................................................................................56 Key Events and Trends in the Russian Insurance Market in 2008 ..............................13 Risk management ....................................................................62 Current Positioning of Ingosstrakh in the Market ...............16 Communications ......................................................................70 Deliverables in major areas of business ..................................20 Government relations ..........................................................73 Motor insurance ...................................................................23 Public relations .....................................................................74 Corporate property and liability insurance .........................27 Charity and sponsorship ......................................................76 Voluntary Medical insurance ................................................29 Key financial and economic performance parameters ........................................................78 Insurance of aviation risks ....................................................31 Performance results .............................................................81 Insurance of space risks .......................................................32 Financial stability rating .......................................................81 Cargo insurance ...................................................................33 Auditor’s opinion on accounting statements ......................83 Marine hull, machinery and P&I insurance ...........................36 Balance sheet of the insurance organization .......................86 Transport operators insurance ............................................37 Profit and loss statement .....................................................90 Travel insurance ...................................................................39 Historical Milestones ...............................................................94 Incoming reinsurance ...........................................................40 Ingosstrakh IJSC: account and address details ........................104 Life insurance .......................................................................43 Credit risks insurance ...........................................................44 Regional network ................................................................45 Open Joint Stock Insurance Annual Report Annual Report Open Joint Stock Insurance Company Ingosstrakh 2008 2008 Company Ingosstrakh Address by the General Director Another major achievement by Ingosstrakh IJSC in 2008 is its retention of BBB- financial strength rating assigned by Standard & Poor’s International Rating Agency, especially against the background of the global financial crisis, and reconfirmation of its A++ rating from Expert RA, a leading Russian rating agency. The achievements of Ingosstrakh IJSC in 2008 were marked by a number of prizes and awards. In May 2008, Ingosstrakh won the Golden Salamander Award. In April 2008, Ingosstrakh was nominated winner of BRAND of the YEAR/EFFIE 2007 Awards, and shortly afterwards, in the summer, it won the 5 Glory of the Nation Award and received the Golden Diploma. In December, it was announced the winner of the National Company of the Year Business Awards and Business Atlants-2008. Ingosstrakh IJSC is the only Russian insurer to be included in the rating of Russia’s most valuable brands for the fourth consecutive year. The Company became winner in the Information Transparency category of Expert 400. Ingosstrakh IJSC is the winner of the Financial Elite of Russia Award as the Most Reliable Insurer. Despite the triumph of leading from the front, last year brought us the grief of a great loss. In April 2008, the Company sustained a tragic loss upon the sudden death at the age of 63 of Vyacheslav I. Sherbakov, the President and Chairman of the Board of Directors of Ingosstrakh IJSC. We grieve the passing Dear Ladies and Gentlemen! of our companion, mentor, and the person who had made an immense contribution to the development of Russian and international insurance. The cherished memory of Vyacheslav Sherbakov will live in our hearts forever… We hereby present to you the Annual Performance Report of Open Joint- Stock Insurance Company Ingosstrakh for 2008. The уear 2009 will be challenging for all of us. The financial crisis will test our ability to work in a professional manner, meet our commitments, and cope Despite the challenges in the global and Russian economies, the Company has with the stress in a constantly changing environment. However we continue managed to complete the year 2008 successfully. Ingosstrakh IJSC has met all to be optimistic about the future. Ingosstrakh’s unique experience, the daily of its targets in all areas of insurance. Gross Written Premium of the Russian efforts of its professional team and the largest financial assets as compared companies of INGO Group in 2008 amounts to RUB 63.2bn, which is 24% with other Russian companies make it always ready to help its clients in higher than in 2007. The Company’s claims paid grew by 33% to RUB 39.4bn. handling and overcoming the challenges they are faced with and protect their The asset value of the Russian entities in the Group grew by 14% to RUB 62.8bn. proprietary interests, as well as their lives and health. The increase in the Group’s insurance reserves is reported to amount to 17% to RUB 47.6bn as at year end. The Group’s equity as at January 1, 2009 I am grateful to our clients, shareholders and partners for their trust and many increased to RUB 12.0bn, or 5% more than in 2007. The profit before tax years of mutually beneficial cooperation. generated by Ingosstrakh IJSC in 2008 amounted to RUB 0.9bn. The Company has reaffirmed its leadership in private, property and liability insurance. Regards, Ingosstrakh IJSC provides reliable insurance coverage to the sovereign interests General Director and the interests of Russian residents, companies and corporations. The main A.V. Grigoriev deliverable of this effort is the trust of more than 2 million private and corporate clients. Position of Ingosstrakh IJSC in the Insurance Market Annual Report Open Joint Stock Insurance 2008 Company Ingosstrakh Quantitative and qualitative insurance 46.3 bn RUB market parameters The second place in the market in terms of volume of the Premium income from direct insurance premium insurance and reinsurance of risks increased to RUB 46.3bn As of January 01 2009, the State Register of insurers contained information about 913 insurers, including 786 insurance compa- nies and 127 insurance brokers. During the year, the number of insurance companies was reduced by 71 (with an aggregate au- thorized capital of around RUB 10bn), while the number of bro- RUB 28.6bn: property kers increased by 39. In general, in 2008 the aggregate author- insurance premium 0.4 %ized capital of Russian insurers (excluding brokers) went down by RUB 0.7bn (-0.5%) from RUB 154.6bn to 153.9bn. 9 50%: share of individual insurance in the total direct insurance premium 28.6 BREAKDOWN OF INSURANCE COMPPANIES BY AUTHORIZED CAPITAL SIZE bn RUB Categories 2004 2005 2006 2007 2008 Change Up to RUB 30mln 563 312 129 0 0 - 50% RUB 30 – 120mln 452 468 470 500 447 -10.6% RUB 120 – 150mln 80 94 103 118 98 -16.9% RUB 150 – 500mln 120 133 143 164 169 3.0% The third place in compulsory RUB 500mln – 1bn 39 38 42 41 37 -9.8% 28.6 civil liability motor-vehicle Above RUB1bn 26 30 31 34 35 2.9% insurance market 2place Total: 1280 1075 918 857 786 -8.3% Personal insurance premium bn RUB e pool of Russian insurers boasts 35 companies with authorized capital income increased by 31.2% exceeding RUB 1bn. The number of companies in this category increased by only one, howeverr, the share of authorized capital of these companies in the aggregate capital of all Russian insurers grew from 35% in 2007 to 39% in RUB 5.1bn: insurance premium 2008. Pursuant to the Year 2008 results, this category accounts for 62.4% of income from compulsory civil liability all premiums in the insurance market (less CMI). 31.2% motor-vehicle insurance RUB 5.1 3bn RUB Position of Ingosstrakh IJSC in the Insurance Market Open Joint Stock Insurance Annual Report Annual Report Open Joint Stock Insurance Company Ingosstrakh 2008 2008 Company Ingosstrakh As the result of the financial crisis, in 2009-2010 several hundred insurers The market continues to saturate. The top 10 Insurance Groups of 2008 now ac- may face solvency and current liquidity challenges or may encounter license count for 52.4% of the aggregate written premium in the insurance market (less revocation risks, therefore, they will either be forced to sell out to stronger compulsory medical insurance), while in the past year this percentage was 51.2%. players or to leave the market. INSURANCE PREMIUM (CONTRIBUTIONS) AND INSURANCE COMPENSATIONS
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