Sovcombank Insurance

Sovcombank Insurance JSC (formerly Liberty Insurance) is a universal insurance company, part of the Sovcombank group, the third largest private bank in the country. The main areas of business are car insurance, VHI, insurance of traveling abroad, property and others. Sovcombank Insurance creates modern products that meet the needs and needs of customers. Bank of Russia licenses SL No. 1675, SI No. 1675, OS No. 1675-03, OS No. 1675-04, OS No. 1675-05, PS No. 1675.

2024: Home Credit Insurance Purchase

In August 2024, the process of joining Home Credit Insurance LLC to Sovcombank Insurance JSC began. This transaction is part of a larger integration of assets related to the acquisition of Home Bank by Sovcombank. Read more here

2020: Name change to Sovcombank Insurance

On April 3, 2020, Liberty Insurance informed TAdviser that it had changed its name to Sovcombank Insurance. This change entered into force on April 3, 2020.

The changed name is associated with the company's entry into the Sovcombank group, the 3rd largest private bank in the country. In December 2016, Sovcombank announced the signing of a binding agreement with property and accident insurer Liberty Mutual Group to acquire Liberty Insurance (JSC), a Russian company of Liberty Mutual^[1]. The transaction was closed in February 2020, as a result of which the bank acquired a 99.99% stake in the insurance company. In April 2020, all legal and registration actions related to the change of shareholders and the change in the name of the company were completed.

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

The development of Sovcombank Insurance will take place on the basis of an independent legal entity in accordance with market principles. All obligations under policies and insurance contracts, agency agreements, cooperation agreements, deposit agreements, as well as other forms of contracts and agreements concluded on behalf of Liberty Insurance (JSC) remain in force and continue to be fulfilled in full and on the same terms. No legal actions, including re-registration of documents to confirm the existing insurance, are required. At the same time, the company confirms the readiness to sign additional agreements with customers and partners making the necessary adjustments to the current documentation, upon request.

As part of the Sovcombank group, we plan to expand our geographical presence at the federal level, scale up our business and increase its efficiency, including through the integration of part of business processes and projects with the bank. We intend to increase the market share by offering clients comprehensive programs of various insurance and financial services of Sovcombank Group companies. At the same time, given the group's strong position in the car loan and car leasing market, we set ourselves the goal of increasing the portfolio of motor types of insurance. We constantly monitor the quality of our service using the NPS loyalty index and under the changed name will continue to improve our processes, products, technologies to offer customers all the best. noted Acting CEO of Sovcombank Insurance Sergey Tikhonov

As part of the rebranding, the company's corporate identity has changed. The corporate colors were blue and red by analogy with the colors of the Sovcombank group. The updated site of the company will sovcomins.ru be available to users in early April 2020.

2019: Positive total income - 36 million rubles

Premiums for 2019 amounted to 5.2 billion rubles, which is 8.0% higher compared to 2018, payments for this period - 2.5 billion rubles, loss ratio for all types of insurance - 46.7%. At the end of 2019, Sovcombank Insurance's positive total income amounted to 36 million rubles, assets - 5.8 billion rubles, capital - 1.6 billion rubles, which indicates the company's strong financial position.

2018

Liberty Insurance (JSC) was part of the international insurance group Liberty Mutual. The group was founded in 1912 and in 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: A (Excellent), A.M. Best Co; A (Strong), S&P; A2 (Good), Moody's.

Liberty Aggregate Fees Insurance 2018 Up 16.1%

The total fees of the company increased by 16.1% compared to 2017 - up to 4.8 billion rubles. 2.3 billion rubles were paid under insurance contracts for this period. Loss in all types of insurance amounted to 53.1%. Profit before tax 57.8 million rubles.

The largest volume of insurance premiums Liberty Insurance was provided by sales of insurance insurance (1,729 million rubles), OSAGO (743 million rubles), VHI (567 million rubles), mortgage insurance policies (450 million rubles) and traveling abroad (290 million rubles). The highest dynamics was demonstrated by VHI (+ 46.9%), mortgage insurance (+ 32.7%), incoming reinsurance (+ 30.1%), property insurance (+ 26.9%) and traveling abroad (+ 25.3%).

Liberty Insurance develops sales channels that support financial results. Thus, the growth of the dealer channel in the reporting period amounted to 53.8%, brokerage 51.3%, and bank insurance 31.8%. To expand the agency sales channel in June 2018, a project was launched to develop a partner network in the Moscow branch. The systematic work of attracting new agents, their training and adaptation allowed Liberty Insurance to grow its client portfolio.

Authorized capital increased to 600.04 million rubles

On September 10, 2018, Liberty Insurance announced the completion of the procedure for increasing the authorized capital. This was realized by raising the par value of the shares through the company's incremental capital.

As a result of the placement of shares, the authorized capital of Liberty Insurance increased from 480 760 000 rubles to 600 040 000 rubles and consists of 28 million ordinary shares with a par value of 21.43 rubles each. The updated amount of the authorized capital was registered on September 6, 2018. The relevant amendments were made to the Articles of Association of the company.

We consistently implement the company's organic growth strategy. The increase in the authorized capital is another step in strengthening Liberty Insurance's position in the Russian insurance market. It is important that the authorized capital is increased at the expense of its own profit, without attracting third-party investments. Additional capitalization will allow us to participate in larger tenders, taking on larger insurance risks, and increase responsibility to partners and customers. In addition, the company already meets the legislative requirements for the size of the authorized capital of insurers, which come into force in 2020-2022, - commented on the event CEO of Liberty Insurance Sergey Kovalchuk.

Decision to increase the authorized capital

The Extraordinary General Meeting of Shareholders of Liberty Insurance (JSC) decided to increase the authorized capital of the company - from RUB 480 760 000 to RUB 600 040 000. The issue was considered on April 5, 2018. The increase in the share capital will be carried out by increasing the par value of shares due to the additional capital of the company. This is an effective way to increase capital, fully consistent with the interests of shareholders. As a result of the placement of shares, the authorized capital of Liberty Insurance will reach 600.040 million rubles and will consist of 28 million ordinary shares with a par value of 21.43 rubles. Bank of Russia approval was issued on 28 April 2018.

2017

• Total fees of the company increased by 20.8% compared to the same period in 2016 - to 4.1 billion rubles. 1.9 billion rubles were paid under insurance contracts for this period. Loss in all types of insurance amounted to 48.2%. Net profit increased by 37.3% - to 180.4 million rubles.
• The largest volume of insurance premiums Liberty Insurance was provided by the sale of casco (1668.5 million rubles), OSAGO (900.5 million rubles), mortgage insurance policies (398 million rubles) and VHI (393.7 million rubles). The growth of the company's premiums was mainly due to mortgage insurance (+ 129.4%), accident insurance (+ 60.3%) and VHI (+ 51.8%).
• In 2017, Liberty Insurance launched corporate VHI programs To Moscow in and around the region. As part of the development of the electronic sales channel, the company offered customers to prolong CASCO online without visiting the office - through the Personal Account on the www.liberty24.ru website or the Contact Center. Implementing the intermediary network development program, Liberty Insurance introduced a new service - the ability to accept non-cash payment of insurance policies when working on the road using mobile. POS terminals ibox

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