RUSSIA: first half year results show RNRC's charged reinsurance premiums increased more than 2 times

Total volume of charged reinsurance premiums amounted RUB 6.26 billion* (vs RUB 3 billion a year ago). Total volume of earned reinsurance premiums amounted to RUB 4.7 billion, according to the official announcement of the reinsurer's website.

Incurred losses, including reserve changes, amounted to RUB 3.6 billion, net profit of RNRC amounted to RUB 1.5 billion. The company's combined ratio for the first 6 months reached 90%.

For the first half of the year the reinsurer received 7 thousand offers, which is 21% more than for the same period last year. The portfolio's dominating reinsurance is facultative (62%).

RNRC was established in 2016. The main business line is reinsurance of property of legal entities and CMR insurance with 44% share, the second biggest business line is aviation reinsurance with 12% share. Total volume of inward business after the first 6 months reached 5%. In 41% of inward reinsurance agreements the volume of RNRC's assumed obligations exceeds 10% share.

*EUR 1 = RUB 72.9921 (as of 30.06.2018)

EUR 1 = RUB 67.4993 (as of 30.06.2017)

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