SOGAZ to pay 5.5 bln rubles in dividends for 2012
MOSCOW. May 31 (Interfax) - Shareholders in Russian insurance group SOGAZ approved dividends for 2012 totaling 5.5 billion rubles in voting at the AGM, a company representative told Interfax.
Shareholders also approved the annual report and voted to have Pricewaterhouse Coopers return as the auditor for 2013. They also granted another term to all the current members of the board of directors.
The annual dividend is quite large by the standards of the Russian insurance industry, on a par with the 5.4 billion rubles in premium income at PPF General Insurance, which is the 27th biggest insurer in Russia by premium income (excluding OMS, the mandatory medical insurance federal fund), according to the Federal Financial Markets Service, and the 6.1 billion rubles of premium income at AlfaStrakhovanie-Life, the 26th biggest.
The SOGAZ board of directors approved the company's near-term development strategy in May. The company plans to increase market share in a number of insurance segments: aviation, mortgage, corporate and personal automotive, including mandatory auto liability, and travel insurance.
SOGAZ was the second biggest Russian insurer by premium income from voluntary and mandatory insurance types (excluding OMS) and the biggest in voluntary insurance.
Pretax profit increased 47% to 10.916 billion rubles and net profit increased by the same percentage to 8.610 billion rubles. The overall contribution from insurance activity rose 56% to 14.587 billion rubles.
Assets increased to 108.632 billion rubles at the end of 2012 from 86.922 billion rubles a year earlier. Insurance reserves increased to 71.418 billion rubles from 59.427 billion rubles. Equity rose to 30.348 billion rubles from 22.743 billion rubles.
The excess of capital over statutory requirements, a measure of an insurer's capital adequacy, increased to 17.526 billion rubles at the end of 2012 from 13.568 billion rubles.
