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4602 7 Ingos2006eng.Pdf years Annual Report 2006 OVERALL TRANSPARENCY Helsinki Moscow Hamburg Minsk Kiev Almaty Vienna Bishkek Beijing Baku Tashkent Yerevan Mumbai OVERALL TRANSPARENCY AnnuAl RepoRt 2006 Content Address of the Chairman of the Board and the General Director Human Resources 39 to the Shareholders and Clients of Open Joint-Stock Insurance Risk Management 43 Company Ingosstrakh 4 Insurance Risks 45 Competitive Ability 7 Financial Risks 45 Quantitative and Qualitative parameters of the Insurance Market 8 Credit Risks 46 Key trends in the Russian Insurance Market in 2006 11 Current Positioning of Ingosstrakh in the Market 15 operational Risks 46 Strategic Goals of Ingosstrakh 21 Communications and GR 49 Implementation of Ingosstrakh’s Main Strategic projects 22 Relations with Governmental organizations and nGos 50 Performance Results in Core Business 25 pR Activities 50 property and liability Insurance for legal entities 26 Sponsorship and Charity 51 Special Risks Insurance 27 Key Financial and Economic Indicators 53 Cargo Insurance 27 Audit opinion on the accounting reports 54 Insurance of Aviation and Space Risks 28 performance Results 55 Insurance of Vessels and Ship-owners’ liability 29 Financial Strength Ratings 55 transport operators’ Insurance 29 Statement of income reporting for the period ended 31 12 2006 56 Credit Risks Insurance 30 Balance Sheet 57 Voluntary Medical Insurance 30 largest Insurance events of Ingosstrakh in the last Years 59 Motor Insurance 31 Bank Details of Ingosstrakh 59 tourist Insurance 31 Affiliated Companies 61 personal Insurance (Ingosstrakh-life) 32 Foreign network 62 Regional network 33 Representative offices of Ingosstrakh Abroad 62 Reinsurance 34 Affiliated Companies Abroad 63 Marketing 34 Affiliated Companies in Russia 63 Investment Activities 36 History 65 3 Address of the Chairman of the Board and the General Director to the Shareholders and Clients of open Joint-Stock Insurance Company Ingosstrakh ladies and Gentlemen, In 2006, the Company improved its business and partner relations with corporate and private clients based on professionalism and in-depth We hereby present to you the Annual Performance Report of Open Joint- understanding of goals and objectives of the insurance business. In the Stock Insurance Company Ingosstrakh for 2006. reported period, Ingosstrakh strengthened its leadership position in the The previous fiscal year was a success for the Company. The premium Russian insurance market and, despite tougher competition, preserved its income grew by over 20%, total assets of Ingosstrakh increased by 35% leadership in voluntary insurance — motor insurance, property insurance, and amounted to RUB 45.4 bln, and year-end actuarial reserves increased liability insurance, special risks and travel. by 38% and totaled RUB 34.3 bln. Regardless of the current market trends, Ingosstrakh managed to stabilize the loss ratio both for the Company as Another Ingosstrakh’s attainment in 2006 was that international rating a whole and for some of its business divisions. Combined ratio for 2006 agencies Standard&Poor’s and Moody’s Investors Service revised its rating was about 97, 3%, which is a perfect result for the composite insurance upwards. Once again, experts confirmed high business reputation of In- company. Last year, Ingosstrakh earned a record profit for the Russian in- gosstrakh. Standard&Poor’s raised its financial strength rating and insurer’s surance market of about RUB 2 bln. At this, 2006 was a year of large com- counterparty credit rating to ВВ+ with a stable outlook. The Company’s pensations, but high-quality professional reinsurance protection enabled rating under the Russian scale is ruAA+. Moody’s Investors Service up- Ingosstrakh to meet all its obligations to the clients. graded Ingosstrakh’s insurance financial strength rating under the inter- 4 national scale to Ba1, with a stable outlook. At the same time, Moody’s by the experts of Interbrand Group, the international consulting company. Interfax Rating Agency announced upgrade of the long-term credit rating In 2006, the Company received main insurance award “Golden Salaman- of the Company at Aа1.ru according to the national scale. Russian Rating der” for the Best Insurance Company in Russia. Besides, last year, Ingoss- Agency Expert RA affirmed the highest rating A++ of Ingosstrakh for the trakh won the all-Russian contest Russian Business Elite. The Company was fifth time. awarded for the “Valuable contribution in development of the national insurance system”. In May 2006, Ingosstrakh received the National Award Today, Ingosstrakh is one of the largest universal companies of the federal of the Financial Press Club of Russia “Golden Diploma 2006 for Information level with the highest financial stability and well-balanced insurance port- Transparency and Impeccable Business Reputation”. folio. Our services are available not only in Russia, but also abroad. Ingoss- trakh stands for high reliability and impeccable fulfillment of its obligations Summing up, we are optimistic about the future. In 2007, Ingosstrakh will to the clients, to a large extent thanks to its reliable reinsurance programs. celebrate its 60th anniversary. We are entering this year as a committed Among our reinsurance partners, there are leading international compa- team with ambitious and yet realistic strategic plans, unique insurance ex- nies AIG, Allianz, AXA, CCR, Gen Re, Hannover Re, syndicates Lloyd’s, Mu- perience and significant financial resources. We are convinced that we will nich Re, Partner Re, QBE, SCOR, Swiss Re, Transatlantic Re, XL Re, etc. cope with our main task — to provide our clients with insurance services that meet international quality standards. In 2006, Ingosstrakh was awarded of many prizes. For the second year in a row, Ingosstrakh became the only insurance company in the domestic mar- We are grateful to all our clients for trusting us and to all our partners for ket among 40 most valuable Russian brands according to the list compiled mutually beneficial multi-year cooperation. Sincerely yours, Chair of the Board General Director S.А. Goglenkov А.V. Grigoriev 5 Competitive Ability Quantitative and Qualitative Parameters of the Insurance Market. Key Trends in the Russian Insurance Market in 2006 Higher market growth can be attributed mainly to two factors: Quantitative and Qualitative increase in compulsory insurance (primarily, compulsory motor TPL insurance and compulsory medical insurance1); parameters of the Insurance Market sustainable progressive advance of classic voluntary insurance, includ- ing real life insurance. According to the Federal Insurance Supervision Service, as of January 1, 2007, there were 918 companies in the state register of insurers, includ- Development of classical voluntary insurance (except life insurance) was im- ing reinsurance companies. 886 insurers reported in 2006, among them — pacted by insurers’ pursuit of universality. The breakdown of the market by 780 composite insurance companies and 106 special insurers, including 56 companies shows that in 2006, 145 companies offered life insurance (29 companies that offered only compulsory medical insurance and 50 compa- less than in 2005), 691 — personal insurance (49 companies more than in nies — personal insurance, including life insurance. 2005), 633 — property insurance (9 companies more). As the total number of players in the insurance market decreased, the number of companies that In 2006, the development trends in the insurance market were positive. deal with all types of insurance except life insurance went up. This proves Aggregate insurance premiums increased by 22.7% versus previous year that companies choose to be composite insurers with special emphasis on and totaled RUB 602.1 bln, whereas in 2005 insurance premiums grew portfolio structuring. Primarily, this is due to the growth of the retail sector. only by 4%. In 2006, insurance compensations amounted to RUB 345.2 bln, which is an increase of 25.8%, while in 2005 insurance compensations flow 1 Hereinafter, the insurance market is analyzed without taking into account compulsory was negative (–10.8%). medical insurance. Insurance premiums (contributions) and insurance compensations in 2006 (RUB bln) Insurance Rate of growth Insurance Rate of growth premiums vs. 2005 compensations vs. 2005 1. Voluntary insurance: Life insurance 16 0 –36 9% 16 6 –33 6% Personal insurance (except life) 76 8 20 1% 41 9 9 4% Property (except liability insurance) 227 9 22 8% 64 6 40 8% Liability insurance 16 3 1 0% 1 4 19 9% 2. Compulsory insurance: of members of armed forces and eligible persons 5 3 15 8% 4 2 2 2% of passengers 0 5 –0 6% 0 0 14 8% Compulsory motor TPL insurance 63 9 18 9% 27 5 20 8% Market total without compulsory medical insurance 406.8 16.2% 156.2 14.1% 8 If we assume that companies who have been in the market for over three Although the comparative premium trend in the life insurance market is years are permanent players, then there are 670 permanent companies. still negative, real insurance has started to develop. In 2006, the volume of Their aggregate premium (without compulsory medical insurance) was real life insurance was slightly less than RUB 13 bln, and premiums in this 75.4% of total premium in 2004, 92.2% in 2005, 97.2% in 2006. As can be segment of life insurance market almost doubled versus the same period seen from above, this group of companies plays a key role in the whole in the previous year. Not all real life insurance is long-term or endowment Russian insurance market, and any change in the number of participants individual life insurance — the leading position belongs to the corporate either upwards or downwards will influence the aggregate amount of the employees’ insurance, but in any case there are few tax optimization pat- insurance premium in the market by up to 10% per year. terns. First 50 companies of the group of permanent insurers received 72.4% of In the personal insurance segment, the largest share is still taken by vol- premium in 2006, in 2005 — 64%, in 2004 — 52%.
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