12 Nov 2009 16:42

ROSNO net profit at 625 mln rubles in 9 mths

MOSCOW. Nov 12 (Interfax) - The ROSNO insurance group posted a net profit of 625 million rubles in January-September 2009 under International Financial Reporting Standards (IFRS) compared with a loss of 600 million rubles in the same period last year.

The operating profit totaled 1.023 billion rubles, the company said in a press release.

The loss ratio in the third quarter of 2009 for the flagship ROSNO company was 96.6% on other-than-life insurance, down from 98.9% in the third quarter last year. The overall ratio of benefits paid to premiums earned declined to 55.9% from 57% previously.

The group had 18.7 billion rubles in premium income in the nine months, down from 19.8 billion rubles in the same period last year. The decline in premium income was mainly the result of declines in writing certain types of auto insurance aimed at boosting profitability, the overall market trend and the 59% decline in insurance premiums at Allianz Ukraine.

The ROSNO company accounted for 94.3% of the group's premiums in the third quarter compared with 90.6% in the third quarter last year.

Allianz Eurasia, including ROSNO, Progress-Garant, Allianz Kazakhstan, Allianz ROSNO Life and SAK Alyans had 24.2 billion rubles in premium income, of which ROSNO accounted for 77% of the total.