Sogaz boosts IFRS net profit 18% in Q1 to 3.6 bln rubles
MOSCOW. May 18 (Interfax) - The OJSC Sogaz insurance group boosted net profit under International Financial Reporting Standards (IFRS) by 18% year-on-year in the first quarter of 2015 to 3.6 billion rubles, Sogaz Deputy Chairwoman Olga Krymova told reporters on Monday.
Sogaz boosted overall collections 26% in January-March to 59.8 billion rubles, including 300 million rubles in LLC Alrosa Insurance premiums. The LLC has been part of the group since last 2014.
Sogaz's accounted for 89% of the group's collections in the reporting period. The company's overall paid insurance premiums reached 53 billion rubles, up 27% compared with 2014.
The group's capital grew by 4.1 billion rubles in the first three months of the year to 59.8 billion rubles. This figure was 55.7 billion rubles as of end-2014.
OJSC Sogaz saw IFRS net profit fall 4% to 2.7 billion rubles. Krymova noted that this occurred mostly because of a planned increase in spending on developing the company's regional business and on completing the centralization process of operational and financial functions. This was also because of the creation of a unified management system for the regional network.