VTB Insurance is strengthening its presence in different segments of the insurance market within the framework of implementing the long-term development strategy. VTB Insurance is taking control over one of the largest national reinsurers Moscow Re, life insurer MSK-Life and compulsory medical insurer Solidarnost Dlya Zhizni (Sovita). VTB Insurance has established the operational financial control in companies for the time being and initiates legal execution of the deal with their current owner - Stolichnaya Strakhovaya Gruppa.
Life insurance business is planned to be developed on MSK-Life base and insurance products' sales are planned to be launched already in the next year. "Life Insurance remains the most dynamically developing segment of the insurance market. We have all the capabilities to build efficient operations in this area," General Director of VTB Insurance Gennady Galperin said. "We see the stable growth of interest in life insurance with Russian citizens and our clients in other areas. The demand will obviously continue growing and we must have an opportunity to provide citizens with the reliable insurance cover meeting their wishes and requirements."
VTB Insurance is keeping an eye on the medical insurance market development and regards the presence on it as strategically important. The takeover of Solidarnost Dlya Zhizni company will be the first step for development in this segment. "We are acquiring a steadily performing company that is confidently ranked among Top 10 companies in VMI segment," Gennady Galperin stressed.
Moscow Re will continue its existence as a separate reinsurance company after completion of the deal on its takeover. VTB Insurance and Moscow Re will jointly offer all kinds of reinsurance to existing and new accounts thereafter. "Advanced operating technologies and the long-term successful track record of the Moscow Re team on the reinsurance market will be additionally supported by high ratings, sizable capital and unique expertise of a leader on the classic insurance market," Gennady Galperin said.
VTB Insurance remains the most dynamically developing company on the Russian insurance market. 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 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 was over 123% as compared to 3 quarters of 2012.
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.