Uzbekistan, Tashkent, May 8 / Trend D.Azizov /
The Uzbek national export-import insurance company Uzbekinvest, the largest in the country's insurance market, increased its net profit by 13.4 per cent to 2.706 billion soum compared to 2.386 billion soum in 2011, the company's representative informed Trend on Wednesday.
According to the report, net proceeds obtained from rendering insurance services increased by 12.5 per cent up to 19.086 billion soum.
As reported earlier, Uzbekinvest collected 44.7 billion soum in insurance premiums in 2012, or 1.4 times more than in 2011, whereas payment of insurance compensations increased by 1.2 times reaching 6.4 billion soum.
Revenue from the company's financial performance for the past year increased by 22.7 per cent - up to 18.871 billion soum with expenses by 25.7 per cent reaching 12.363 billion soum.
The company's assets over the year increased by 14.5 per cent up to 220.827 billion soum, including long term assets up by 10.9 per cent to 142.083 billion soum and cash and short term investments by 13.9 per cent to 70.805 billion soum.
According to the 2012 results, the company increased its net insurance reserves by 21.9 per cent to 28.468 billion soum.
Uzbekinvest is the largest insurance company in Uzbekistan and has been operating since 1994. The company is a state agency for export-import insurance. It renders all types of general insurance in the domestic market.
Uzbekinvest's main mission is assistance in attracting foreign investments into Uzbekistan's economy and increasing export potential.
The total number of the company's territorial divisions (subsidiaries and branches) amounted to 106 units as of late 2012, while the number of insurance agents reached 1.043 units, a 1.5-fold increase compared with 2011.
The company's authorised capital is $60 million. Uzbekinvest's founders are the Uzbek Ministry of Finance (83.3 per cent) and the National Bank for Foreign Economic Activity (16.7 per cent).
The official exchange rate on May 8 is 2069.48 soum / $1.
