The net profit of VSK group exceeded RUB 6bn for 2017
VSK Insurance Group drew up the balance for 2017 in accordance with International Financial Reporting Standards (IFRS). Consolidated financial statements and independent auditor’s report are available on the official website of VSK Insurance House.
The net profit of VSK Group for the reporting period amounts to more than RUB 6bn, which is 1.5 times higher compared year-on-year.
Compared to the same period of 2016, the Group’s gross written premiums increased by almost 40% and amounted to RUB 73.8bn. The insurance portfolio growth was caused by the rapid development of the life insurance market, motor hull insurance, accident insurance and voluntary health insurance, which helped to strengthen the company’s position in the market segments above.
The amount of payments for the reporting period increased by 31% up to RUB 36bn. Whereas the combined ratio amounted to 93.1%.
In accordance with the consolidated financial statements, the group’s assets increased by 46% up to RUB 99bn. The equity increased by 36% up to RUB 20.3bn. Return on equity amounted to 34.1%.
The financial statements of the group were audited by PwC, which confirmed full compliance of the information therein with international standards.
VSK Group includes VSK Insurance House, LLC VSK-Lifeline, LLC B&N Insurance, LLC IC Europlan, LLC VSK-Miloserdie. VSK covers more than 20 million Russians and more than 300,000 entities and organisations. The company’s regional network includes more than 400 branch offices throughout Russia. Reliability and financial soundness of VSK are confirmed by ratings attributed by Russian and global rating agencies, i.e. Expert RA (RAEX) - ruAA, Fitch Ratings – BB-.