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Sovcombank Insurance

Company

Insurance
Since 1912
Russia
Central Federal District of the Russian Federation
Moscow
107023, Semyonovskaya Square, 1A Business center "Sokolinaya Gora"


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Owners:
Sovcombank - 99,99%

Owners

JSC Sovcombank Insurance (before Liberti Strakhovaniye) is universal insurance company, is a part of group of the Sovcombank, the third in the amount of assets of private bank of the country. The main directions of business — car insurance, VHI, insurance going abroad, property and others. Strakhovaniye's Sovcombank creates the modern products meeting requests and customer needs. Licenses of the Bank of Russia SETTLEMENT No. 1675, SI No. 1675, OS No. 1675-03, OS No. 1675-04, OS No. 1675-05, PS No. 1675.

2020: Change of the name on "Sovcombank Insurance"

On April 3, 2020 the Liberti Strakhovaniye company reported to TAdviser that it changed the name to Strakhovaniye's Sovcombank. This change became effective on April 3, 2020.

Sovcombank Insurance

The changed name is connected with entry of the company into group of the Sovcombank, the 3rd in the amount of assets of private bank of the country. In December, 2016 the Sovcombank announced signing of the binding agreement with the property insurer and accidents of Liberty Mutual Group about acquisition of Liberti Strakhovaniye (JSC), the Russian company of the Liberty Mutual group[1]. The transaction was closed in February, 2020 therefore the bank acquired 99.99% of shares of insurance company. In April, 2020 all legal and registration acts connected with change of shareholders and change of the company name came to the end.

The Sovcombank is the Russian private universal bank of federal scale with total assets 1 trillion rubles, the capital of 133 billion rubles and the net profit of 22 billion rubles in 9 months 2019. Enters in top-15 banks of the country. The Sovcombank services 6 million physical and 200 thousand legal entities for April, 2020.

Development of Sovcombank Strakhovaniye insurance company will take place based on the independent legal entity according to the market principles. All obligations under policies and insurance contracts, agency agreements, agreements on cooperation, deposit agreements and also in other forms of agreements and the agreements signed on behalf of Liberti Strakhovaniye (autonomous area) remain in force and continue to be performed in full and on former conditions. Commission of any legal acts, including renewal of documents for confirmation of the available insurance, is not required. At the same time the company confirms readiness of signing of the supplementary agreements with clients and partners introducing necessary amendments in the existing documentation, on demand.

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As a part of group of Sovcombank we are going to expand geographical presence at the federal level, to scale business and to increase its efficiency, including due to integration of a part of business processes and projects with bank. We intend to increase a share in the market, having offered clients comprehensive programs of different insurance and financial services of the companies of group of Sovcombank. At the same time, considering strong positions of group in the car lending market and autoleasing, we set before ourselves the purpose to increase a portfolio on motor types of insurance. We constantly keep track of quality of our service using the index of loyalty of NPS and under the changed name we will continue to improve our processes, products, technologies to offer clients all the best,
marked out the acting the CEO Sovcombank Insurance Sergey Tikhonov
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Within rebranding the corporate style of the company changed. Corporate flowers became blue and red by analogy with flowers of group of Sovcombank. The updated website of sovcomins.ru company will be available to users at the beginning of April, 2020.

2019: A positive total return - 36 million rubles

Awards for 2019 made 5.2 billion rubles that is 8.0% higher in comparison with 2018, payments for this period – 2.5 billion rubles, unprofitability coefficient on all types of insurance – 46.7%. A positive total return the Sovcombank Insurance at the end of 2019 made 36 million rubles, assets – 5.8 billion rubles, the capital – 1.6 billion rubles that testifies to strong financial positions of the company.

2018

Liberti Strakhovaniye (autonomous area) was included into the international insurance group Liberty Mutual. The group is founded in 1912 and for March, 2018 was one of the largest insurance companies in the world (top-10). Liberty Mutual has some of the highest ratings among insurance companies: And (Excellent), A.M. Best Co; A (Strong), S&P; A2 (Good), Moody’s.

Cumulative charges of Liberti Strakhovaniye for 2018 grew by 16.1%

Cumulative charges of the company increased by 16.1% in comparison with 2017 – to 4.8 billion rubles. According to insurance contracts 2.3 billion rubles are paid for this period. The unprofitability on all types of insurance was 53.1%. Profit before taxation of 57.8 million rubles.

The largest volume of insurance premiums of Liberti Strakhovaniye provided sales of a comprehensive insurance (1,729 million rubles), the CMTPL (743 million rubles), VHI (567 million rubles), policies of mortgage insurance (450 million rubles) and going abroad (290 million rubles). The highest dynamics was shown by VHI (+46.9%), mortgage insurance (+32.7%), inward reinsurance (+30.1%), proprietary insurance (+26.9%) and going abroad (+25.3%).

Liberti Strakhovaniye develops sales channels that gives support to financial results. So, growth of the dealer channel in reporting period was 53.8%, broker 51.3%, and bancassurance of 31.8%. For expansion of an agency channel of sales in June, 2018 the project on development of a partner network in the Moscow branch was started. System work on involvement of new agents, their training and adaptation allowed Liberti Strakhovaniye to increase a client portfolio.

Authorized capital is increased to 600.04 million rubles

On September 10, 2018 the Liberti Strakhovaniye company announced completion of the procedure of increase in authorized capital. It was implemented by increase in share par value at the expense of the added capital of the company.

According to the results of share placing authorized capital of Liberti Strakhovaniye increased from 480,760,000 rubles to 600,040,000 rubles and everyone consists of 28 million pieces of ordinary shares with a nominal value of 21.43 rubles. The updated volume of authorized capital was registered on September 6, 2018. Corresponding changes were made to the Company charter.

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We consistently implement the strategy of organic growth of the company. Increase in authorized capital — the next step in strengthening of positions of Liberti Strakhovaniye in the Russian insurance market. It is important that authorized capital is raised at the expense of own profit, without attraction of third-party investments. Additional capitalization will allow us to participate in larger tenders, assuming larger risks on insurance and to enhance responsibility to partners and clients. Besides, the company already conforms to statutory requirements to the amount of authorized capital of the insurers who become effective in 2020-2022 — the CEO of Liberti Strakhovaniye Sergey Kovalchuk commented on an event.
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Decision on increase in authorized capital

Extraordinary General shareholder meeting Liberti Strakhovaniye (joint-stock company) made the decision on increase in authorized capital of the company – from 480,760,000 rub to 600,040,000 rub. The question was considered on April 5, 2018. Increase in authorized capital will be performed by increase in share par value at the expense of the added capital of the company. It is the effective method of increase in the capital which is completely corresponding to the interests of shareholders. According to the results of share placing authorized capital of Liberti Strakhovaniye will reach 600.040 million rubles and will consist of 28 million pieces of ordinary shares with a nominal value of 21.43 rub. Approval of the Bank of Russia is issued on April 28, 2018.

2017

  • Cumulative charges of the company increased by 20.8% in comparison with the same period of 2016 – to 4.1 billion rubles. According to insurance contracts 1.9 billion rubles are paid for this period. The unprofitability on all types of insurance was 48.2%. Net profit grew by 37.3% – to 180.4 million rubles.
  • The largest volume of insurance premiums of Liberti Strakhovaniye provided sales of a comprehensive insurance (1668.5 million rubles), the CMTPL (900.5 million rubles), policies of mortgage insurance (398 million rubles) and VHI (393.7 million rubles). Growth of awards of the company is provided generally due to mortgage insurance (+129.4%), accident insurances (+60.3%) and VHI (+51.8%).
  • In 2017 Liberti Strakhovaniye started the VHI corporate programs in To Moscow and regions. Within development of the channel of electronic sales the company offered clients prolongation of KASKO online without visit of office – through the Personal account on the website www.liberty24.ru or Contact Center. Implementing the program of development of network of intermediaries, Liberti Strakhovaniye implemented new service – a possibility of acceptance of cashless payment of insurance policies during the exit work with the help mobile POS terminals ibox.

Notes