INGO Group's performance in 2009 in accordance with IFRS
According to the results of 2009, the consolidated insurance premiums paid to Russian INGO group amounted to RUR 52.7 billion, compared to 51.5 for the same period of previous year (2.4% growth compared to 2008).
INGO Group is comprising INGOSSTRAKH OJSIC (Russia), SOFAG (Germany), INGO Ukraine (Ukraine), INGO Ukraine-Life, Garant (Austria), IngoNord (Finland), BELINGOSTRAKH (Republic of Belarus), INGO Armenia (Republic of Armenia), KYRGYZINSTRAKH (Kyrgyz Republic), INGO Uzbekistan (Uzbekistan), IC INGOSSTRAKH-Life (Russia), Emergency Insurance Company OJSC (Russia), and INGOSSTRAKH ONDD Credit Insurance LLC (Russia).
Most of the consolidated insurance premium (87%) for INGO companies is formed by INGOSSTRAKH'S premium. 46% of INGOSSTRAKH'S insurance portfolio for 2009 consisted of motor vehicle and car owner's liability insurance; 17% made property insurance against fire and related risks; 12% - compulsory motor third-party liability (CMTPL) insurance; 10% -personal insurance; 5% - cargo insurance, vessel hull insurance and ship owner's liability insurance; 4% - insurance of aviation and space risks. The main increase in collected premiums is due to the increase of payments in the voluntary insurance and CMTPL insurance segments, which amounted to 6% and 16% respectively.
Indemnity paid by INGO during the accounting period amounted to RUR 34.6 billon, 26.6% higher than in the same period of previous year. Also, INGO's net profit for 2009 amounted to RUR 4.8 billion.
The group's consolidated assets as of December 31, 2009 amounted to RUR 72.6 billion, compared to RUR 73.5 billion at the end of 2008; insurance reserves decreased to RUR 43.7 billion from RUR 48.2 billion at the end of 2008 while equity capital amounted to RUR 18.1 billion (18.4% growth compared to 2008).
