OREANDA-NEWS. December 5, 2007. Over nine months of 2007, according to the International Financial Reporting Standards, the consolidated insurance premium of the companies in the INGO Group – Ingosstrakh IJSC (Russia), SOFAG (Germany), INGO Ukraine (Ukraine), Garant (Austria), IngoNord (Finland), Belingosstrakh (Republic of Belarus), INGO Armenia (Armenia), Kyrgyzinstrakh (Kyrgyz Republic), Ingosstrakh Life (Russia), Ingosstrakh-M (Russia),  Emergency Insurance Company (Russia), EMESK – totaled RUB 32.3 billion versus RUB 26.1 billion over the same period of last year (an increase of 24%versus three quarters of 2006), Ingosstrakh's press service reported.

In 9 months of 2007 versus 9 months of 2006, the combined ratio (that defines the result of insurance operations versus earned premium (earnings) of the insurer) for INGO Group improved from 96.1% to 92.3%, which was possible due to stabilization and lower rate of losses of insurance operations. The group was able to decrease losses while its portfolio and the market share kept growing in a highly competitive environment in the main markets of its presence.

Better results of insurance business promoted overall profitability of the Group. The consolidated net profit in three quarters of 2007 increased by more than 62% and amounted to RUB 2.1 billion versus RUB 1.3 billion in the same period of 2006. The main factor of successful development was good performance in the area of property insurance, space and aviation risks, motor and cargo insurance. 

The consolidated assets of the Group as of 01.10.2007 totaled RUB 62.2 billion, which is by 18% more than at the beginning of the year, equity  was RUB 12.7 billion (an increase of 40% over the same period of the previous year).

Ingosstrakh IJSC (www.ingos.ru) has operated in the domestic and international market since 1947. The Company is the leader among Russian insurers in terms of the size of insurance premiums in voluntary insurance, other than life insurance.

Ingosstrakh holds ratings from Standard & Poor’s (BBB-, stable outlook, and ruAA+ national scale) and Expert RA (A++).

Ingosstrakh is authorized to extend all types of insurance services (with a view to underwriting specialization) provided in Article 32.9 of the RF Law on Insurance in the Russian Federation, and reinsurance services.

The Company operates in 214 Russian cities. The Insurer’s six representative offices and nine branches operate in the CIS and other countries.