RUSSIA: profit of SBERBANK Insurance for 1H increased by 50% compared to the same period last year

Net profit of SBERBANK Insurance in the first half year, by IFRS, amounted to RUB 2.1 billion* (+50%), said acting General director Dmitry POPOV.

According to POPOV the insurer is exceeding the target of profit by about 123-127%. At that premiums jumped by 37% to RUB 6.9 billion. Property insurance increased 2 times, growth rate of travel insurance amounted to 55%. Total number of the insurer's clients is around 15 million. Paid claims during 6 months of 2018 jumped by 92% to RUB 381 million.

The insurer plans to keep the existing growing trend at the level of 40% and enter TOP-10 of the market leaders with annual result of premiums in the amount of RUB 16 billion. The company is not going yet to have direct sales of MTPL until 2020, but in August this year the insurer is launching marketplace based Motor Hull through other insurers (like INGOSSTRAKH, VSK, RESO-Garantia and others) which will be MTPL-bound in 11 regions, added POPOV.

SBERBANK Insurance was established in 2014 by SBERBANK of Russia and is one of the leading insurers of the Russian market.

*EUR 1 = RUB 72.9921 (as of 30.06.2018)

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