Annual Report Pages of History
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WWW.SOGAZ.RU WWW.SOGAZ.RU PAGES OF HISTORY ANNUAL REPORT/07 15 PAGES OF HISTORY WWW.SOGAZ.RU WWW.SOGAZ.RU CONTENTS Annual Report 2007 > CONTENTS . Address by the Chairman of the Board of Directors . 4 Address by the Chairman of the Management Board . 6 “SOGAZ” Insurance Group members . 8 Management Board of OJSC “SOGAZ” . 10 Highlights of the year . .1 Strategy of “SOGAZ” Group up to 2012 . .17 Key results of “SOGAZ” Group operation in 2007 . .21 Social activities of “SOGAZ” Group . .29 Financial report of “SOGAZ” Insurance Group Consolidated balance sheet of “SOGAZ” Insurance Group . 5 Income statement of “SOGAZ” Insurance Group . 9 Auditor’s report on financial statements of OJSC “SOGAZ” . 42 Financial report of OJSC “SOGAZ” . 45 Income statement of OJSC “SOGAZ” . 50 Contact Information . .55 Representative offices of OJSC “SOGAZ” . 56 Representative offices of OJSC “Gazprommedstrakh” . 64 15 PAGES OF HISTORY WWW.SOGAZ.RU “SOGAZ” Insurance Group 15 PAGES OF HISTORY ADDRESS BY THE CHAIRMAN OF THE BOARD OF DIRECTORS Annual Report 2007 ADDRESS BY ADDRESS THE CHAIRMAN OF THE BOARD OF DIRECTORS The high credit of OJSC “SOGAZ” is confirmed by leading rat- ing agencies, namely, it is rated BB with the prediction “Stable” by Fitch in their international rating for financial stability. I am confident that the development plan of “SOGAZ” Group will be fully met, while its status of a reliable insurer and a trustworthy partner will become even more stable. Chairman of the Management Committee, Dear shareholders, OJSC “Gazprom”, Chairman of the Board of Directors of OJSC “SOGAZ” Aleksey B. Miller “SOGAZ” Group has operated successfully in 2007. SOGAZ ranks first in the personal insurance and life in- surance sector and is one of the leading Russian companies in terms of insurance premium income. Today the Group’s clients are represented not only by oil and gas companies, but also by several other leading industries and individuals. The Group includes over 450 subdivisions all ОСНОВНЫЕ ИТОГИ ДЕЯТЕЛЬНОСТИ СГ «СОГАЗ» в 2007 году over Russia. OJSC “SOGAZ” has licenses for over 100 insur- 15 PAGES OF HISTORY ance rules, which involves all types of insurance coverage. Last year OJSC “SOGAZ” defined the principal goals of its development up to 2012, which are: to achieve at least a 10% market share, to ensure absolute leadership on the domestic market and to promote its insurance services abroad. The ex- pansion of OJSC “SOGAZ” operations was determined by the growth of the foreign business of Russian companies and by the necessity to provide insurance services on quite a new level to minimize risks. 4 >> 15th Anniversary WWW.SOGAZ.RU 5 “SOGAZ” Insurance Group 15 PAGES OF HISTORY ADDRESS BY THE CHAIRMAN OF THE MANAGEMENT BOARD Annual Report 2007 ADDRESS BY ADDRESS THE CHAIRMAN OF THE MANAGEMENT BOARD Ladies and gentlemen, clients, Among the highlights of the past year was the adoption of partners and shareholders the Development Strategy of the Group for 2008–2012. By im- plementing this Strategy we hope to cover 10% of the insur- of “SOGAZ” Insurance Group, ance market, thus becoming the leading diversified insurance company at the federal level. It is an ambitious goal, but we have a precise action plan and the understanding of how to use the available resources in the We have every reason to believe that the Group made a break- most efficient way. We are ready to put forward new challeng- through last year. In 2007, SOGAZ was among the three top ing ideas on the market and to implement large-scale projects. companies on the insurance market, and its growth rate shows To do this we have all we need: our knowledge, long experience that we have reached new horizons. and a united team of highly competent staff. I am convinced In 2008, “SOGAZ” Insurance Group is celebrating its 15th that together we should be able to meet our common goal anniversary. A strong position we have gained on the mar- of prosperity, welfare and security. ket is a result of hardest work we have been doing every day throughout all these years. In 15 years SOGAZ has evolved from a small corporate insurer to a powerful insurance group that has a strong influence on the national economy. While in 1994 SOGAZ was the 75th in the top insurers’ list, had Chairman of the Management Board, 8 branches and a staff of 00 people, today there are 4 000 “SOGAZ” Insurance Group Vadim E. Yanov employees working in 450 subdivisions all over Russia. In Q1 2008, we headed the list of all insurance companies in terms ОСНОВНЫЕ ИТОГИ ДЕЯТЕЛЬНОСТИ СГ «СОГАЗ» в 2007 году of insurance fees collected, and we intend to keep this position. 15 PAGES OF HISTORY This business report not only summarizes the last year, but is also a possibility to assess the dynamics of the company’s development and to make substantiated forecasts. In 2007, “SOGAZ” Insurance Group confirmed once again its image of a strong financial organization. SOGAZ is the absolute leader in personal insurance and is well ahead of all players on the domestic insurance market in terms of insurance premium growth rate. 6 >> 15th Anniversary WWW.SOGAZ.RU 7 “SOGAZ” Insurance Group 15 PAGES OF HISTORY “SOGAZ” INSURANCE GROUP MEMBERS Annual Report 2007 “SOGAZ” INSURANCE GROUP MEMBERS The Group is committed to maximum openness and financial trans- parency with regard to its clients, shareholders and partners. SOGAZ is audited by PricewaterhouseCoopers as to IAS and IFRS compliance. > OJSC “SOGAZ” > LLC “IC “SOGAZ-Life” shareholders founder OJSC “Gazprom” OJSC “SOGAZ” LLC “Gazprom Export” OJSC “Gazprombank” OJSC “LIRUS” “SOGAZ” LLC “Accept” > LLC “Gazprommedservice” INSURANCE LLC “IC “Abros” founder GROUP OJSC “SOGAZ” OJSC “SOGAZ” > LLC “IC “Neftepolis” LLC “IC “Neftepolis” founder > CJSC “Leader” OJSC “SOGAZ” shareholders OJSC “Gazprommedstrakh” OJSC “SOGAZ” NSPF “GAZFOND” LLC “IC “SOGAZ-Life” OJSC “Gazprombank” > OJSC “Gazprommedstrakh” LLC “Gazprommedservice” founder OJSC “SOGAZ” CJSC “Leader” “SOGAZ” INSURANCE GROUP MEMBERS “SOGAZ” 15 PAGES OF HISTORY 8 >> 15th Anniversary WWW.SOGAZ.RU 9 “SOGAZ” Insurance Group 15 PAGES OF HISTORY MANAGEMENT BOARD OF OJSC “SOGAZ” Annual Report 2007 MANAGEMENT MANAGEMENT OF BOARD “SOGAZ” OJSC Logovinsky Evgueny Ilyich Okhotnikov Viktorovich Serguey Putin Mikhail Evgenievich >> Deputy Chairman >> Deputy Chairman >> Deputy Chairman of the OJSC “SOGAZ” of the OJSC “SOGAZ” of the OJSC “SOGAZ” Management Board Management Board Management Board on Economics and Finance Richter Martina Clara Aleshin Dmitrievich Serguey Gabeleva Anna Mikhaylovna Yanov Yanov Eduardovich Vadim >> Deputy Chairman >> Member of the OJSC “SOGAZ” >> Chief Accountant, of the OJSC “SOGAZ” Management Board, Executive Member of the OJSC “SOGAZ” >> Chairman of the OJSC “SOGAZ” Management Board Director for Staff Management Management Board Management Board MANAGEMENT BOARD OF OJSC “SOGAZ” OF OJSC BOARD MANAGEMENT 15 PAGES OF HISTORY Bizhdov Datkovich Korney Derevenskov Evgueny Grigoryevich Leonenko Ivanovich Aleksey Nosov Vladimir Mikhailovich Portone Nickolayevna Tatyana >> Deputy Chairman >> Deputy Chairman >> Deputy Chairman >> Member of the OJSC “SOGAZ” >> Member of the OJSC “SOGAZ” of the OJSC “SOGAZ” of the OJSC “SOGAZ” of the OJSC “SOGAZ” Management Board, Management Board, Management Board Management Board Management Board Executive Director Executive Director on Corporate Activities on IT development 10 >> 15th Anniversary WWW.SOGAZ.RU 11 HIGHLIGHTS OF THE YEAR Annual Report 2007 HIGHLIGHTS OF THE YEAR << Insurance of the Federal President Supervision Service Lomakin-Rumyantsev I. V. >> January >> March > SOGAZ won a tender for the > A delegation of “SOGAZ” Group, insurance of several enterprises headed by Martina Richter, Deputy of OJSC “RAO “UES of Russia”. Chairman of the Management Board, > The Group won a tender for the visited the Republic of Kazakhstan compulsory health insurance of over as a part of the SOGAZ program for 14 thousand employees of OJSC “Kolsk entering the international market. Mining and Metallurgical Company” > The Group concluded an agreement and its subsidiaries, organized for on insuring the liability of officials and health insurance groups. management body of OJSC “United Machine Building Plants”. Dear colleagues, >> February >> April On behalf of the Federal Insurance Supervision Service, as well as on my own, let > SOGAZ won a tender for the right me express our best wishes on your anniversary. I am glad to see you coming to this date as a united and constantly growing to conclude property insurance > “SOGAZ” Insurance Group was added family, whose contribution to the development of insurance business cannot agreements with OJSC “GAZPROM”, to the register of insurers whose bank be overestimated. its subsidiaries and their employees guarantees are allowed to be accepted With its steady development, integrating new advanced products and implement- in 2007–2011. by customs authorities of the Russian ing new projects, SOGAZ is held in well-deserved respect and loyalty of all the > SOGAZ became the winner of Federation. professional community. tenders for the right to conclude state > The health insurance company The main asset of any financial organization is its credit with clients and part- ners. SOGAZ’s shareholders, management and staff have made significant contracts for insuring the Federal “Gazprommedstrakh”, a member of effort to confirm its stability and positive image. Agency of State Reserves of Volga “SOGAZ” Group, concluded a contract 15 PAGES OF HISTORY I wish your team fruitful work, great success, new professional achievements and Federal District. for compulsory health insurance of realization of challenging ideas. > SOGAZ paid out the plane hull the employees of “Oktyabrsk Railway”, Good luck with any project you undertake. insurance reimbursement a subsidiary of OJSC “Russian Railways”. to FGUP “GTK “Russia” (assignee 1 thousand employees were insured. of FGUAP “Pulkovo”) in the amount > SOGAZ became the winner of a tender President of the Federal Insurance of the full insured value of the Tu-154M for the right to conclude contracts Supervision Service I.