Wednesday, October 3 2012 21:53
Insurance premiums of INGO Armenia to exceed 9.2 bln AMD by late 2012
ArmInfo. The insurance premiums of INGO Armenia insurance company will exceed 9.2 bln AMD or $24 mln by late 2012, Head of the Council of INGO Armenia, Deputy Director General of Ingosstrakh OJSIC, Tatyana Kaigarodova, said at today's press conference dedicated to the 15th anniversary of INGO Armenia.
She said that this is a quite big amount for the countries of the post-Soviet space. By this index, INGO Armenia holds the second position in Ingosstrakh Group after the Ukrainian result.
Ingosstrakh is also going to increase INGO Armenia's authorized capital by 700 mln AMD against the current 949.405 mln AMD. She said that this decision will be taken at the company's meeting of stockholders scheduled for next week.
INGO Armenia is one of the most successful companies of Ingosstrakh Group. It has increased its premiums five-fold over the past 3-5 years. As stockholders, we increase the company's capital in due time and make investments", Kaigarodova stressed.
Head of Ingosstrakh's Investment Management Department Alexander Ilyachenko said that for the moment the company is investing money mostly in customer infrastructure and IT.
In the last 10 years the company's assets grew by 23 times to 10.1bln AMD, capital by 9 times to 2.2bln AMD, premiums by 30 times to 7.5bln AMD. In Jan-Aug 2012 INGO Armenia paid over 2.5bln AMD in compensation.
INGO Armenia was set up in 1997 as EFES CJSC. In Dec 2003 75% of its shares were bought by Ingosstrakh. The remaining 25% are owned by the company's executive director Levon Altunyan.
INGO Armenia provides 16 types of insurance to 1,800 corporate and 150,000 individual customers.
According to ArmInfo's Ranking of Insurance Companies of Armenia, June 1 2012 INGO Armenia was the 1st in assets, the 2nd in own capital, the 1st in premiums, the 2nd in compensations. 35.4% of the premiums were Compulsory Motor Third Party Liability (2nd place).