In 2019, the Company showed an overall positive financial performance with steady business growth across all business areas and a good balance of the insurance portfolio. Gross premiums written in 2019 were ₽ 15.1 billion, an increase of 9% compared to the prior year period.
Earned premium increased by 11% to ₽ 13.8 billion in the year ended December 2019.
Overall net claim incurred was ₽ 0.7 billion up against the previous year. The claims paid amounted to ₽ 7.5 billion, up 17% compared to 2018 reflecting high responsibility of the Company to the policyholders and its fair claims settlement practices.
Insurance reserves amounted to ₽ 10.2 billion which is a 1% increase compared to the previous year. The Company’s reserves are invested in high quality liquid assets which generate a sustainable income stream.
Total cash and financial investments were also up 4% over the last year and, as of 1 January 2020, totaled ₽ 12.1 billion, with the 2019 investment income of ₽ 682 million which is an increase of 5.6% compared to 2018 or 76% of the weighted average rate offered by the Central Bank of Russia in 2019.
The Company reported total assets of ₽ 19.0 billion as of 1 January 2020, representing an increase of 7% from the last year.
By end 2019, the Company’s equity reached ₽ 5.0 billion; this represents an increase of 5%, compared to prior year period, due to capitalization of profits.
Share capital remained unchanged at the 2019 year-end, totaling ₽ 2,448 million.
Profit result amounted to ₽ 176 million.
All told, the Company continued to successfully evolve and expand over the past year. It underpinned its competitive position in corporate and personal insurance markets throughout the entire territory of Russia, worked hard to minimize its costs, and maintained a conservative level of net retention and adequate reserves. Today, the Company continues to responsibly honor its commitments to policyholders and demonstrates steady and dynamic growth of equity and assets, which gives positive impact towards enhancement of its financial sustainability.