RUSSIA: total amount of earned reinsurance premiums of RNRC in 2018 is almost 3 times higher y-o-y

"The Russian National Reinsurance Company (RNRC) has announced its results for 2018. Under reinsurance contracts in 2018 RNRC received RUB 12.1 billion of GWP (+58% y-o-y). Total amount of earned premiums exceeded RUB 11 billion (almost 3 times higher y-o-y)", according to the company's official statement.

In the company's portfolio about 5% (RUB 576.9 million) of premiums were attracted from the international market. The net profit of RNRC amounted to about RUB 1.8 billion (vs RUB 89 million in 2017). At that the major stakes in the portfolio are generated by reinsurance of property and construction risks (37%), aviation risks (12%) and Motor Hull (14%). 58% of premiums were received under facultative contracts and 42% - under obligatory ones. Total volume of business with RNRC's share over 10% amounted to 42% in 2018.

Provided that dividend amount is 20-25% of net profit, over RUB 360 million can be paid to the Bank of Russia for 2018 (vs RUB 24 million in 2017), as the President of RNRC, Nikolay GALUSHIN said. The decision on the amount of dividends will be taken by the company's supervisory board, headed by the first deputy chairman of the Bank of Russia, Sergey SHVETSOV.

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