Basic Element Open for Talks on Ingosstrakh
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 28.06.2010 |
Basic Element (Basel), the majority shareholder of Ingosstrakh, remains open for talks with the insurer's minority shareholders about raising the Generali's stake in the insurer, Interfax reported June 24 referring to Andrei Elinson, deputy CEO of Basel.
"We are always open for the dialog with other shareholders of Ingosstrakh. Unfortunately, we have not seen any changes to the situation," the publication quotes Elinson.
Earlier, Cezare Geronzi, chairman of Generali board of directors, stated that the group is ready to renew negotiations about raising the stake in Ingosstrakh. Currently, Generali controls 38.5% stake in the insurer. The group wanted to buy out the majority stake. Later, Oleg Deripaska, the owner of Basel, also wanted to consolidate the shares of Ingosstrakh. However, the parties couldn't agree over the price, the publication stated.
Generali also ready for talks, according to Jan Piskacek, a spokesperson of PPF Investments. However, he added that the fact that the minority shareholder learns information about Ingosstrakh's plans only from journalists shows "just how sincerie the majority shareholder is." He believes that the representatives of the minority shareholder should take part in the decision-making process at INGO Group. The minority shareholder disagrees with a number of Ingosstrakh's transactions, such as the acquisition of a controlling stake in Soyuz Bank.
According to INGO's 2009 IFRS report, last year the group's premium increased 2.4% compared to the 2008 figure and amounted to RUR52.7 billion. The group's claims grew 26.6% to RUR34.6 billion.
Ingosstrakh generated 87% of the group's total premium. Motor hull and MTPL insurance accounted for 46%, fire and allied perils - for 17%, compulsory MTPL - for 12%, A&H - for 10%, cargo, marine hull and liability - for 5%, aviation and space risks - for 4% of the company's premium. Ingosstrakh reported the highest growth rates in voluntary motor (6%) and compulsory MTPL (16%) classes.
In 2009, INGO's consolidated net income came to RUR4.8 billion.
As of December 31, 2009, the group's consolidated assets amounted to RUR72.6 billion compared to RUR73.5 billion at the end of 2008. The insurance reserves decreased to RUR43.7 billion from RUR48.2 billion. The equity amounted to RUR18.1 billion, as of December 31, 2009, up 18.4% on the December 31, 2008 figure.
INGO Group comprises INGO Ukraine, INGO Ukraine Life, Garant (Austria), IngoNord (Finland), Belingostrakh (Belarus), INGO Armenia, Kyrgyzinstrakh, INGO Uzbekistan, and Russian insurers Ingosstrakh, Ingosstrakh Zhizn, Ingosstrakh M, Emergency Insurance Company, MSK EMESK and Ingosstrakh ONDD Credit Insurance. /RP Newsline
RP Newsline
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