"The year of 2014 was not simple for the Russian economy on the whole and for the insurance market in particular. Nevertheless, we note the business model of VTB Insurance demonstrated stability and helped to ensure achievement of satisfactory deliverables," General Director of VTB Insurance Gennady Galperin said. "VTB Insurance is demonstrating good dynamics of fees collection and profitability against the background of common market problems of loss-making in car insurance and slowdown of market growth rates and is improving its positions among the top ten leading Russian insurers. We managed to show a sound profit growth on account of the insurance portfolio segmentation and focusing on high-margin businesses. Optimization of operating expenditures and selection of the efficient corporate investment strategy became extra advantages."
Total amount of collected fees of VTB Insurance equaled nearly 38.7 bln rubles ($776.1m) in the reporting period, 20% up against the 2013 result. Net profit of VTB Insurance rose by 26% year-on-year and totaled over 10.1 bln rubles ($202.5m). Insurance compensations paid totaled 16.2 bln rubles ($324.8m).
Company's equity rose by 24%, having reached 12 bln rubles ($154.3m). The charter capital of VTB Insurance totals 5.5 bln rubles ($110.2m).
VTB Insurance is confidently ranked among the top ten national insurance companies and is one of the most profitable and fast growing companies on the Russian classical insurance market.
VTB Insurance acquired control over three subsidiaries in 2014. VTB Insurance Group structure comprises now VTB Life Insurance, CJSC, VTB Medical Insurance, JSC, and Open Joint Stock Insurance and Reinsurance Company Moscow Re. The group of companies provides clients with the full range of insurance products and services, including accumulative and investment life insurance, compulsory medical insurance, inwards and outwards reinsurance.
Complete FIRS statements for 2014 are available on the official website of VTB Insurance in About Company section -http://www.vtbins.ru/about/reporting/financial/.
VTB Insurance was founded in 2000 and is affiliated with the largest international financial group VTB. VTB Insurance's equity totals 12 bln rubles ($154.3m). Branches and sales outlets of the company are operating in more than 114 largest Russian cities. The insurer is ranked among ten largest market participants. The company has the highest strength ratings of Russian and international agencies.