Press-Center - ВТБ Страхование

VTB Insurance increases charter capital to 5.5 bln rubles ($110.2m)

04 December 2013

VTB Insurance increases the charter capital to 5.5 bln rubles ($110.2m). The charter capital of VTB Insurance amounts to 3.5 bln rubles ($70.1m) for the time being.

The capital increase is related to growing business volumes that necessitate company's capitalization rise. VTB Insurance maintains a notable growth dynamics among the industry leaders. "Increase of the charter capital unveils lots of room for company's positioning as an acknowledged leader of the Russian insurance market," General Director of 
VTB Insurance Gennady Galperin said.

The charter capital will be increased at the expense of insurance company's property. The net profit of VTB Insurance was over 4.2 bln rubles ($84.1m) as of the end of 9 months of 2013. The profit growth rate equaled 123% as compared to 3 quarters of 2012. Company's equity totals 7.7 bln rubles ($154.3m).

Collected fees of VTB Insurance reached 24.96 bln rubles ($500.1m) in 9 months of 2013, 32.5% up against the end of the similar period in 2012. The Company is eighth in the largest insurers ranking.

VTB Insurance has the highest reliability ratings among the Russian insurance companies according to ratings of Russian and international agencies: Fitch Ratings (BBB), Standard&Poor’s (BBB), and Expert RA А++ (exceptionally high strength rating).

VTB Insurance was founded in 2000 and is affiliated with the largest VTB international financial group. VTB Insurance's equity totals 7.7 bln rubles ($154.3m). Branches and sales outlets of the company are operating in more than 90 largest Russian cities. Collected fees of VTB Insurance totaled nearly 25 bln rubles ($500.1m) as of the end of 9 months of 2013. The insurer is ranked among ten largest market participants by the said indicator. The company has the highest strength ratings of Russian and international agencies.