Uzbekistan, Tashkent, April 19 / Trend D. Azizov /
The State Joint-Stock Insurance Company Kafolat plans to increase the authorized capital by 1.8 times, reaching up to 15 billion soums, a source in the company told Trend.
He said that the question of increasing the authorized capital will be on the annual general meeting of shareholders agenda in May and June this year.
At present, the authorized capital of the insurer is 8.2 billion soums. It is divided into 6.688.882 ordinary and 5,000 preferred shares, worth 1,225 soums each.
About 500 shareholders, including 12 legal entities, possess the company's shares. The biggest shareholders are the National Bank for Foreign Economic Affairs - 32 percent, Navoi Mining and Metallurgical Combine - 21.2 percent, Uzagrosugurta - 12.8 percent, the Uzbek Finance Ministry - 9.5 percent and Almalyk Steel Works - 9.1 percent
Kafolat was founded in 1997 by a governmental decision. It is a universal insurance company. Kafolat implements more than 70 types of insurance. The company has 14 branches in all regions of the republic, including a network of branches and representative offices.
Kafolat collected 11.8 billion soums of insurance premiums in 2010 (increased by 16.8 percent as compared to 2009). The volume of payments will almost double - up to 1.9 billion soums. The volume of commitments increased 1.4 times - up to 3.6 trillion soums.
About 34 insurers operate on the Uzbek insurance market.
The Uzbek insurance companies increased collecting premiums by 20 percent, up to 175 billion soums in 2010 as compared to 2009, when the total insurance premiums increased by 33.2 percent - up 27.6 billion soums. The insurance liability of the insurers increased by 29.4 percent - up to 70.9 trillion soums.
The official exchange rate is 1.686.18 soums per $1.