Russia: during Q1 GWP growth of VTB Life Insurance amounted to 67%

Based on the company's report GWP growth for the Q1 was 67.7% and amounted to RUB 5.2 billion (vs RUB 3.1 billion for the same period in 2017).

GWP for investment life line amounted to RUB 4.3 billion (1.5 times more than a year before), for universal life line - RUB 1 billion (3 times more). The company concluded 17 thousand of insurance contracts during Q1, which is 3.2 times more than a year before.

"We are actively improving sales of both life products, at that we are also expanding our product line", said Maksim PUSHKAREV, General Director of VTB Life Insurance.

In 2017 net profit of the insurer jumped by 44.6% and reached RUB 449.7 million (vs RUB 311 million in 2016). Total GWP increased by 57.1% to RUB 20.9 billion (vs RUB 13.3 billion in 2016). Claims also increased almost 2.5 times to RUB 383 million (vs RUB 156.2 million in 2016). Total assets of the insurer almost doubled in 2017 to RUB 39.9 billion (vs RUB 20.2 in 2016).

In terms of GWP among the members of the Association of life insurers VTB Life Insurance ranks 5th.

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