UZBEKISTAN: State's participation in KAFOLAT for sale

State's participation in the second ranked insurer KAFOLAT are for sale, according to the Resolution of the Government, as of 28th April, 2015, the company being listed in the group of the state owned joint-stock companies for which the participation of a strategic foreign investors, up to a value of 15.5%, is desired.

To encourage foreign investors' interest, the Uzbek joint stock companies woth a higher than 15% foreign participation to the share capital are exempted from payment of tax. Acquisition of shares of one of the leading insurance companies in Uzbekistan will provide the investor with participation in the management of the company in one of the world's fastest growing insurance markets.

"The Republic of Uzbekistan provides many tax privileges and preferences for foreign investors. Your investments will generate income for you and serve as a contribution for the development of KAFOLAT Insurance Company JSC. I welcome all of you to be part of the promising and well progressing society," stated Saidolim NASRETDINOV, Chairman of the Executive Board.

Established in 1997, KAFOLAT Insurance Company JSC is one of the largest insurers in Uzbekistan, with more than 600 shareholders of legal entities and individuals. By the end 1H2015, the company ranked second in GWP terms, with a 10.16% market share, up by about 1pp y-o-y. In 2014, KAFOLAT underwrote premiums of EUR 14.1 million and paid claims of EUR 3.1 million.

To date the size of registered Charter capital of company equals EUR 15,3 million. At the moment, the regional network includes 176 units, including 15 branches, 38 divisions and 123 agencies in all regions of the Republic.

Since formation KAFOLAT has quickly developed to become a universal insurer and one of the market leaders for the collection of insurance premiums in the country. The company now provides services including property, personal lines and small business insurance across many areas.

Uzbekistan is the most populated country in Central Asia with 30.9 million inhabitants. In fact, its population is young, with an average age of 24.7 years. According to the World Economic Forum, Uzbekistan is among the five countries with the fastest growing economy in the world as of the end of 2014-2015. This country is a regional power in progress and foreign investors are given favorable taxation policies to modernize the main sectors of the economy.

Moreover, Uzbekistan is currently among the top ten countries in the world, which achieved the best results in improving the business environment in recent years. Fast growth of banking, insurance, leasing, consulting and other kinds of market services contributes to the development of the private sector and small businesses in the country. It should be noted that over the past 5 years the rate of growth of the insurance market was not lower than 130% (the growth of Insurance Company KAFOLAT JSC was 135%).

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