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4602 5 Ingos2007eng.Pdf ssuper_new_engl.aiuper_new_engl.ai 18.06.200818.06.2008 12:07:3312:07:33 ANNUAL REPORT 2007 pproofA3.inddroofA3.indd 1 002.06.20082.06.2008 113:31:083:31:08 The Year of 2007 was remarkable for OJSIC Ingosstrakh. The Company celebrated its 60th anniversary. To a Man such age would be the time to sum-up. At the same time to one of the country’s largest insurance companies this is the beginning of a new development stage. It is notable and symbolic that the anniversary coincided with the Year of the Child announced in Russia. It was the unity of generations, the link between the past and the future that inspired the decorative design of the Annual Report. Address of the Chairman of the Board and the General Director to the Sharehold- ers and Clients of Open Joint-Stock Insurance Company Ingosstrakh 4 Competitive Ability 7 Implementation of Ingosstrakh’s Main Strategic Projects 17 Performance Results in Core Business 21 Motor Insurance 22 Property and Liability Insurance for Legal Entities 24 Voluntary Medical Insurance 25 Special Risks Insurance 26 Insurance of Aviation and Space Risks 26 Cargo Insurance 27 Hull, Machinery and P&I insurance 29 Transport Operators Insurance 29 Credit Risks Insurance 31 Travel Insurance 31 Personal Insurance (Ingosstrakh–Life) 32 Regional Network 34 Branches 34 Foreign Branches 36 Reinsurance 37 Marketing 40 Investment activities 41 Personnel 45 Risk Management 49 Public Relations 55 Charity and Sponsorship 56 Key Financial and Economic Parameters 59 Performance Results 60 Financial Stability Ratings 60 Auditor’s Opinion on Accounting Statements 61 Balance Sheet Statement 65 Profit and Loss Statement 69 History of the Company 73 Contacts and Banking Details of OJSIC Ingosstrakh 79 3 counterparty credit rating to BBB- with a 2006 it had also won this prize. Ingosstrakh stable outlook. The Company’s rating un- received the National Award of the Finan- der the Russian scale is ruAA+. Russia’s cial Press Club of Russia as the most trans- leading rating agency Expert RA affirmed parent Russian insurance company (Plati- the highest rating A++ of Ingosstrakh for num Diploma) and was also awarded the the sixth consecutive year. prize «Financial Elite of Russia» as the Most Reliable Insurance Company. For the third Today Ingosstrakh is one of the largest consecutive year the company is included federal level universal companies with the in the rating of The Most Valuable Russian highest financial stability and well-balanced Brands. insurance portfolio. Our services are avail- able both in Russia and abroad. Ingosstrakh Summing up, we are optimistic about the stands for high reliability and impeccable future. We are convinced that goal-ori- fulfillment of its obligations to the clients, ented shareholders, ambitious and yet re- to a large extent thanks to its reliable rein- alistic strategic plans, unique insurance ex- surance programs. Among our reinsurance perience and significant financial resources partners, there are leading international allow us to cope with our main task – to companies: AIG, Allianz, AXA, CCR, Gen provide our clients with insurance services Re, Hannover Re, syndicates Lloyd’s, Mu- that meet international quality standards. nich Re, Partner Re, QBE, SCOR, Swiss Re, Address of the Chairman dence of millions of people and thousands Transatlantic Re, XL Re, etc. of the Board and the of companies. General Director to the In 2007 Ingosstrakh was awarded many priz- We are grateful to all our clients for trust- Shareholders and Clients of Ingosstrakh achieved its target goals almost es. In May 2007 the Company received main ing us and to all our partners for mutually in all business lines. Ingosstrakh Group yield insurance award «Golden Salamander» as beneficial multi-year cooperation. Open in 2007 (Ingosstrakh, Ingosstrakh-Life, ChSK, the Best Insurance Company in Russia. In Joint-Stock Insurance Ingosstrakh-M and EMESK) constituted RUB Company Ingosstrakh 51.0 bln., which by 23% exceeds the 2006 figure. The Company’s insurance compensa- tions grew by 31% and constituted RUB 29.7 Ladies and Gentlemen, bln. The assets of the Russian companies of the Group increased by 19% and reached the We hereby present to you the Annual Per- level of RUB 54.9 bln. The Group’s insurance formance Report of Open Joint-Stock Insur- reserves growth amounted to 17% reach- ance Company Ingosstrakh for 2007. ing RUB 40.0 bln. Its equity as at January’ 1, 2008 amounted to RUB 11.7 bln., which by In 2007 the Company celebrated its 60th 29% exceeds the previous year figure. Net anniversary. During the period from 1947 profit earned by the Group’s companies until 2007 Ingosstrakh evolved from an un- based on the 2007 results amounted to RUB Sincerely yours, pretentious department under the Ministry 2.5 bln., and according to the international of Finance of the USSR into the largest in- financial reporting standards the Group’s Chairman of the Board V.I. Scherbakov surance company in Russia with a diversi- profit including foreign companies consti- fied regional network. We have gone this tuted RUB 3 bln., which by 28% exceeds the long way with honor and our achievements 2006 indicators. over sixty years were the result of well-co- General Director A.V. Grigoriev ordinated work, high professionalism and Another Ingosstrakh’s major attainment in huge creative potential of several genera- 2007 was that international rating agency tions of our employees. Our mission has Standard&Poor’s assigned its rating up- always been to provide reliable insurance wards. Experts once again proved the good- protection to the country, population and will of OJSIC Ingosstrakh. Standard&Poor’s companies. Our key attainment is the confi- raised its financial stability and insurer’s 4 5 Competitive Ability Competitive Ability Competitive Ability Development of the real liability insur- ance (space risks, civil aviation risks, Diagram 1. Aggregate Authorized Capital of Russian Insurers, D&O, insurance of various type of ve- growth rates hicles); Quantitative and Qualitative Parameters of the Insurance Market Positive dynamics in life insurance, where growth rates amounted to 42% com- pared to 2006 premiums. According to the Federal Insurance Super- vision Service (FISS), as of January 1 2008 In compulsory medical insurance opera- there were 857 companies in the state tions that in fact imply no insurance risk register of insurers, including reinsurance the companies collected RUB 289.9 bln., BLN25" companies. In 2007 the number of insurers which exceeds the 2006 level by 42.4%. fell by 61 companies. Despite the reduc tion Payments under Compulsory Medical In- in the overall number of insurance compa- surance in 2007 amounted to RUB 278.1 nies, their aggregate authorized capital bln. The premium and payment dynamics grew in 2007 by 5.1% from RUB 150.2 bln. depends on the budget funds volume allo- to RUB 157.8 bln. cated by the Government for the provision of medical services to the population. In 2007 over half (53%) of the insurance pre- miums in the market accounted for large Overall payments in the insurance mar- federal-level insurers with the authorized ket constituted RUB 203.8 bln., showing a capital of over RUB 1 bln. Their market share 25.8% increase as compared to 2006. The grew by 6.6 percentage points. payments ratio amounted to 42% versus Table 1. Insurance premiums (contributions) and insurance 40% in 2006. The fastest growth was expe- compensations in 2007 (RUB bln.) In 2007 the insurance market made an- rienced in property insurance (the growth Insurance Rate of Insurance Rate of other effort for its development. Despite rate amounted to 41.4%). Payments under premiums growth compensa- growth the reduction in the number of partici- personal insurance and liability insurance vs. 2006 tions vs. 2006 pants of insurance market, the volume of grew by 17% for each type. Payments un- 1. Voluntary insurance: 407.3 20.7% 158.3 27% aggregate insurance premiums in the di- der Compulsory Motor TPL Insurance in- rect insurance market grew by 19.5% as creased by 23.5%. Compulsory Motor TPL Life insurance 22.7* 42% 15.7* -5% compared to the previous year constitut- Insurance maintains the tendency for the Personal insurance 90 17% 49.5 17.7% ing RUB 486.1 bln. (the 2006 growth rate outpacing growth of the volume of pay- (except life) amounted to 16.2%). ments as compared to the rate of contracts Property (except liability number and the premium amount growth. 274.3 20.4% 91.4 41.4% The year 2007 saw the ongoing market con- First of all, it is explained by greater insur- insurance) centration. The leading 20 companies, in- ance awareness of the population of the Liability insurance 20.3 22.6% 1.6 17.5% cluding Rosgosstrakh Group accounted for insurance compensations paid in insurance 2. Compulsory insurance 63% of premiums versus 60% in 2006. events, increase in the car fleet value and (except compulsory 78.8 13.1% 45.5 21.3% a more responsible insurer’s approach to medical insurance): Market growth in 2007 was mainly a result of their obligations as well as elimination of the dynamic development of voluntary insur- unfair and weak insurers from the MTPL of members of armed ance, as compared to 2006 the growth rates insurance market. forces and eligible 5.7 7.4% 4.4 3.3% accelerated from 15.8% to 20.7% in 2007. persons The basic growth factors were: In 2007 there were no major changes in pre- Of passengers 0.6 8.7% 0.0 -3.2% mium breakdown by type of insurance. In Compulsory motor TPL The ongoing dynamic growth in the the past three years various insurance pre- 72.5 13.5% 41.1 23.5% insurance individual clients’ motor insurance seg- miums shares remained relatively stable.
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