RUSSIA: net profit of INGOSSTRAKH dropped by 20% y-o-y in the 1st quarter

For the first three months of this year, INGOSSTRAKH's net profit decreased by 20% to RUB 2.5 billion. Profit before tax for this period dropped by 18%, ASN reports in reference to the insurer's statement.

According to INGOSSTRAKH, GWP in the 1st quarter amounted to RUB 28.7 billion (+38%), including GWP of direct insurance (RUB 27 billion, +43%) and GWP of inward reinsurance (RUB 1.8 billion, -4%).

Paid claims reached RUB 13.2 billion (+28%), including paid claims for direct insurance (RUB 9.6 billion) and paid claims of inward reinsurance (RUB 3.6 billion).

The company's assets during the 1st quarter went up by 13% y-o-y, to RUB 172.7 billion; equity increased by 9% (to RUB 71.2 billion), non-life insurance reserves by 12% (to RUB 78.7 billion), and investment income grew 84% reaching RUB 1.8 billion, ASN reports.

According to 2018 results, INGOSSTRAKH ranked 6th in terms of GWP. The insurer's market share decreased slightly to 5.84% last year (vs 6.18% a year ago).

*EUR 1 = RUB 72.7230 (31.03.2019)

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