Renaissance Insurance
Since 1997
Russia
Central Federal District of the Russian Federation
Moscow
Top managers:
Yordan Boris
Fedor Voronin
Bystrov Denis Valeryevich
Braginsky Andrei
Owners:
Boris Jordan - 52,12%
UK Transfingrup - 35,8%
Abramovich Roman Arkadyevich - 9,99%
East Investment Investment Holding - Baring Vostok Capital Partners - 8,89%
Content |
Renaissance insurance has one of the largest authorized capital in the insurance market - 2.2 billion rubles. Branches and representative offices of Renaissance Insurance are located in all major Russian cities, among the company's clients more than 1 million individuals, several thousand Russian and international companies. The company has a license for more than 60 types of insurance services. Renaissance Insurance is a full member of associations and associations of insurance companies (All-Russian Union of Insurers, Russian Union of Auto Insurers, etc.).
Owners
Renaissance Insurance Group is a market company whose members as of June 2018 are:
LLC Renaissance Insurance Holding (interest - 52.12%) - is controlled by the international investment company Sputnik Group, created in 1998 by Boris Jordan. Sputnik Group is an investment company with assets exceeding $1.5 billion, but the strategic direction of its investments is the development of Renaissance Insurance and life insurance companies - Renaissance Life in Russia;
D.U. Transfingrup Management Company Closed Unit Investment Combined Fund Technologicheskiy (35.8%);
Notivia Ltd (12.08%).
Performance indicators
2023: Profit - 8.2 billion rubles
At the end of 2023, Renaissance Insurance got rid of losses, recording a net profit of 8.2 billion rubles (according to RAS). In 2022, the company's net losses were measured at 2.1 billion. The Russian insurer published its reports on March 1, 2024.
According to Interfax, citing materials from Renaissance Insurance, in 2023 the company received a pre-tax profit of 9.4 billion rubles against a pre-tax loss of 2.7 billion rubles recorded in 2022.
At the
Premiums for insurance and reinsurance operations in 2023 amounted to 63.7 billion rubles against 55.3 billion rubles in 2022. At the same time, payments decreased - to 31.2 billion rubles compared to 32.03 billion rubles in 2022.
Assets of Renaissance Insurance for 2023 increased by 16.12% and amounted to 106.6 billion rubles. Accounts receivable for insurance, co-insurance and reinsurance operations for 2023 reached 9 billion rubles, an increase of 50% compared to 2022. The total volume of insurance transactions not related to life insurance increased by 38.5% and amounted to 7.2 billion rubles.
In 2023, there were no investments in associates to the company, while a year earlier the volume of investments amounted to 392 million rubles. Renaissance Insurance's investments in subsidiaries in 2023 were at the level of 26 billion rubles, which is 2 billion rubles more than a year ago.
The volume of loans, loans and raised funds increased to 1 billion rubles at the end of 2023 compared to 327 million rubles a year earlier. The volume of investments in bank deposits increased from 6.8 billion to 9.3 billion rubles. By the end of 2023, the authorized, additional and reserve capital remained at the levels of one year ago - 5.8 billion, 29 billion and 499 million rubles, respectively.[1]
2021
Adjusted net profit growth by 4% to RUB 4.6 billion
Renaissance Group on Insurance March 28, 2022 shared TAdviser financial with the results of 2021 to. IFRS Adjusted net profit for the reporting period increased by 4% to 4.6 billion rubles. Net margin decreased to 4.4% from 5.3% in 2021 due to a decrease in the profitability of a number of insurance products due to the pandemic, covid despite a decrease in administrative costs.
Photo: yandex.ru
Gross insurance premiums for the reporting period amounted to 104.3 billion rubles, an increase of 26% amid an increase in demand for insurance services in the life insurance segment and in insurance other than life insurance.
 | 2021 was a successful year for key areas of our business. We are proud that we have managed to grow faster than the market and increase our market share in most insurance areas. The company's investments in business digitalization are yielding results: a significant part of the company's sales growth falls on our digital channels, which is very effective in terms of the cost of attracting new customers. The company's business model is resistant to a downturn in the economy, and we are well prepared to overcome operational difficulties. In any situation for us in the first place our clients, their interests and needs, told Julia Gadliba, CEO of Renaissance Insurance Group.
|  |
Premiums for insurance other than life insurance amounted to 46.7 billion rubles, an increase of 26%, which was associated with both an increase in demand for insurance products and an increase in the average cost of the policy in the market. The entire Russian market for this type of insurance grew by 16% in 2021, said Renaissance Insurance Group.
Premiums on car insurance increased by 34%, to 28.3 billion rubles, while the growth in sales of new cars amounted to 4.3% in 2021. The growth of auto insurance premiums was due to both the outstripping development of direct sales and the growth of online sales through partners (agents, dealers, leasing).
Premiums for voluntary health insurance (VHI) increased by 22% to 7.9 billion rubles. At the same time, the entire Russian VHI market grew by 13% in 2021. The main growth factors for VHI were the launch of new current products and the further development of digital solutions: a mobile application and a personal account.
Premiums from other types of insurance increased by 9% to 10.4 billion rubles. The growth of mortgage insurance (including due to the complete automation of the policy process) and the growth in cargo insurance (primarily the mass retail segment) became the main growth factors in this segment.
The combined loss ratio for insurance (other than life insurance) amounted to 100.1%, which is 2.2 pp higher than in the same period in 2020. The increase in the indicator is due to the effect of the pandemic, when additional measures were taken in 2020 to retain profitable loyal customers. In 2021, scoring models were improved and pricing was adjusted (primarily in car insurance), which made it possible to grow at a faster pace than the market and lay the foundation for improving the combined indicator in future periods.
Life insurance premiums increased by 26% and amounted to 57.6 billion rubles. The growth of the entire Russian life insurance market in 2021 was 22%.
Premiums for funded life insurance (NSJ) increased by 43% to 11.1 billion rubles. The growth of the entire market was 15% in 2021. The main factor in the growth of NSW was the successful development of direct sales channels. At the same time, 49% of growth through direct channels was ensured by digital sales channels, noted in Renaissance Insurance Group.
For investment life insurance (ILI), the volume of premiums decreased by 22% to 19.3 billion rubles. The Group expects a gradual recovery in positive sales after the key rate stabilises.
For credit and risk life insurance, premiums more than doubled with 39% market growth. This growth was ensured by the development of new partnerships with car dealers and general growth. bank crediting
Operating margin in life insurance for the reporting period decreased to 7.9% compared to 9.0% a year earlier due to a decrease in returns on investment activities in the fourth quarter of 2021.
The number of active users of the Budu health application (the group owns a 49% stake in the Budu medical tech service) and other health applications of the Group exceeded 127 thousand users per month.
The investment portfolio related to continuing operations (on a comparable basis, excluding the assets of NPF Renaissance Pension) grew by 34% to 146.5 billion rubles. The dynamics of the total investment portfolio is explained by the receipt of funds to the company as a result of a public offering of shares and the transfer of assets to NPF Renaissance Pension, the sale of which was closed in July 2021.
In the structure of the investment portfolio, the share of state and municipal bonds decreased while the share of corporate bonds and shares, as well as bank deposits, increased.
The return on the investment portfolio in 2021 was 7.1%. The level of capital adequacy at the end of 2021 amounted to 267%, an increase of 127 pp.
24% increase in collected premiums for life insurance products
Renaissance Insurance Group, a player in the Russian insurance market, increased the collected premiums for life insurance products in 2021 by 24% to 57 billion rubles. Representatives of the group told TAdviser on February 21, 2022.
Photo: Vyacheslav Prokofiev/TASS
According to the All-Russian Union of Insurers (ARIA), the entire market during this period grew by 22%, to 553 billion rubles. According to the BCC, at the end of the year, the Renaissance Life insurance company, which is part of the Renaissance Insurance Group, became the largest independent insurance company in the country and the fourth in the overall rating in terms of the amount of premiums collected among life insurance companies.
| | "The past year has been very successful for key areas of our business. The growth prospects of the insurance market are significant: despite a significant increase in demand for insurance products in recent years, their penetration remains low for the size of our economy and in comparison with other countries. In the life insurance segment, we focus on developing the areas of savings and credit insurance. We see that our offers are of interest to customers, and we believe in the continued growth of this part of the Group's business, "said Yulia Gadliba, CEO of Renaissance Insurance Group. | |
The main reason for the growth of the life insurance market in 2021 was the increase in sales of services for funded and credit life insurance:
- Bonuses for funded life insurance (NSW) "Renaissance Life" in 2021 increased by 46% to 10.9 billion rubles, while the market grew by 14.6%. Thus, the company's share in the NSJ segment increased from 5.5% at the end of 2020 to 7% at the end of 2021.
- Renaissance Life's credit life insurance premiums more than doubled (by 103%) to 24.1 billion rubles, with 39% market growth. Thus, the company's share in the segment of credit life insurance increased from 12.2% at the end of 2020 to 17.7% at the end of 2021.
| | "Our excellent results in the cumulative insurance segment are associated with the development of our own sales channels, that is, sales without the participation of insurance intermediaries. The company's investments in business digitalization are yielding results: the share of direct sales through a digital platform in the growth of NSJ fees was 30%. The twofold increase in credit life insurance premiums was ensured by the development of existing and new partnerships, as well as growth bank crediting in the country, "explained Oleg Kiselev, General Director of Renaissance Life. | |
History
2024
Creation of NPF
On June 17, 2024, Renaissance Insurance announced the creation of its own non-state pension fund (NPF) called Renaissance Accumulation. The move aims to get the group involved in a long-term savings program for the public with government support. Read more here.
Vostok Investments bought out 8.89% of Renaissance Insurance
On May 17, 2024, it became known that the Vostok Investments group entered into an agreement to acquire a share of the Baring Vostok fund in PJSC Renaissance Insurance Group. There is no information on the estimated value of the transaction as of the specified date.
According to Interfax, we are talking about the share of Baring Vostok in the amount of 8.89% in the insurer. As a result, the Vostok Investments group received 49,489,350 voting shares of the Renaissance Insurance group. Group CEO Yulia Gadliba previously said that Baring Vostok's share in Renaissance Insurance in direct and indirect ownership has not changed for years and amounted to 13.7%.
| | I will not undertake to comment on the future strategy of Baring Vostok and Vostok Investments. But as a representative of the issuer, I can note: we are glad that the events planned by the fund have been implemented, now uncertainty is being eliminated, "says Vladimir Zaluzhsky, vice president of Renaissance Insurance Group. | |
The Baring Vostok Capital Partners family of funds was one of the largest players in the Russian direct investment market. But at the end of December 2022, a decision was made to separate the projects: it was planned that foreign assets would remain with Baring Private Equity Michael Calvey and his team, and the Russian ones would move to local management led by Elena Ivashentseva (Vostok Investments group). At the end of March 2023, the details of the business section became known: the Russian part of the Baring Vostok team received shares in 12 companies - Ozon, Renaissance Insurance, Solofarm, Skyeng, Vkusville, Familia, Sravni.ru, Balance Platform, Viasat, Profi.ru, CarPrice and Voximplant. At the same time, the Russian team assumed the debts of the funds, pledging in the future to pay them $150 million.[2]
Sale of Baring Vostok's stake to Vostok Investments
The president Russia Vladimir Putin signed an order that allowed transactions with foreigners-controlled shares of the group "" and Renaissance insurance Ozon. The corresponding document was published in mid-February 2024. More. here
2023: Cooperation with MTS for smartphone insurance
Renaissance Insurance Group and MTS have created a product that allows you to fully restore your smartphone. Renaissance Insurance announced this on October 6, 2023. Read more here.
2021
Access to the Moscow Stock Exchange
On October 21, 2021, trading in Renaissance Insurance shares under the ticker symbol RENI began on the Moscow Exchange. As part of the IPO, the company will sell up to 162 million ordinary shares, including 147.3 million new ordinary shares for 17.7 billion rubles and up to 14.7 million existing ordinary shares, which can be sold under the additional placement option. The placement price is set at 120 rubles for one security.
As of 12:45 Moscow time on October 21, 2021, the company's shares were sold at 118.06 rubles, follows from the exchange data. The minimum price for them from the beginning of trading was 116.15 rubles, the maximum - 149.56 rubles.
According to Bloomberg, with the help of the listing, Renaissance Insurance raised about $250 million, and the market capitalization amounted to 68.8 billion rubles. At the same time, the IPO passed along the lower border of the planned price range.
The agency recalls that as part of the additional placement option, a group of investors headed by a billionaire, Boris Jordan Baring Vostok co-owners "" and, Evraz Alexander Abramov Alexander Frolov as well as Andrei Gorodilov, who worked at Sibneft Roman Abramovich, and then was deputy governor of Chukotka, can sell their shares. According to Forbes Abramovich, during the Renaissance Insurance IPO on the Moscow Exchange, he bought shares worth 1.6 billion rubles. The deal will allow the billionaire to keep his stake in the company almost unchanged.
Renaissance Insurance shares are included in the first level of the list of securities admitted to trading on the Moscow Exchange. According to Boris Jordan, Renaissance Insurance became the first Russian insurance company to conduct a full-fledged international IPO. " He called the company's offer attractive to both institutional and retail investors[3].
Roman Abramovich became a shareholder of Renaissance Insurance
In early August 2021, it became known that Roman Abramovich became a minority shareholder of Renaissance Insurance for the development of telemedicine projects.
According to Interfax, citing data published on the Renaissance Insurance website, Grano LLC, which is owned by Abramovich, owns a 9.99% stake in Renaissance Insurance. Invest AG LLC (represents the interests of Abramovich's partners - Alexander Abramov and Alexander Frolov) - 9.55%. Also, 4.33% was received by Andrei Gorodilov, a member of Abramovich's team since the 1990s, 4.77% - Ob Capital LLC of Invest AG President Sergei Bratukhin.
At the same time, a controlling stake in Renaissance Insurance (52.5%) is still owned by the company's president Boris Jordan through the Sputnik group of companies. Yordan has been the head of one of the country's largest insurers since 2006, before that he was the head of the NTV channel.
The initiator of the deal with Abramovich was a "good seller" Boris Jordan, their mutual acquaintance told Forbes.
| | This is partly a personal story, he and Abramovich have been communicating and maintaining friendly relations for a long time, - said the source. | |
Boris Yordan told the magazine through a representative that the initiators of the transaction were "shareholders and partners of the Sputnik group." NPF Blagosostoyanie left the number of shareholders of Renaissance Insurance, as it "decided to focus on the formation of portfolios of highly liquid assets and securities."
Abramovich believes that medicine and the insurance business are complementary areas, his friend clarifies. The deal is based on the common interests of Abramovich and Jordan in the medical business, says a source close to the Sputnik group. According to a Forbes source, they came together on the basis of telemedicine business and health insurance.
| | Boris Jordan a few years ago had a lot of ideas on how to integrate health insurance into online medicine, it makes sense for insurance companies, since telemedicine reduces costs: it is cheaper to advise a client online than to send a doctor to him, "a common acquaintance of Jordan and Abramovich told Forbes.[4] | |
Opening of a medical center in St. Petersburg
In February 2021, Renaissance Insurance opened a medical center in the center of St. Petersburg. Patients will be admitted to the Renaissance Clinic by doctors in 32 specialties, including therapy and dietetics. Read more here.
2010
The company is the leader in the direct insurance market in Russia (according to Finance magazine.)
2008
Entry into the top 10 largest insurers in Russia in terms of fees. Launch of sales through the call center and the Internet www.renins.com. Opening of Renaissance Life & Pensions Pension Fund.
2007
Increase of the authorized capital to 2.2 billion rubles; assignment of A++ rating (extremely high reliability level) to Expert RA Agency.
2006
Transfer of Boris Yordan to the position of President of the Company.
2005
Purchase of Progress-Neva insurance company, one of the leading players in the insurance market in the North-West of Russia.
2004
Creation of Renaissance Life insurance company together with the European Bank for Reconstruction and Development (EBRD).
1998
Creation of Medcorp's own medical company.
1997
Foundation of Renaissance Group Insurance.
Notes
Stock price dynamics
| Ticker company on the exchange: | MOEX:RENI |
| The site content is translated by machine translation software powered by PROMT. The machine-translated articles are not always perfect and may contain errors in vocabulary, syntax or grammar. Read original article If you find inaccuracies or errors in the results of machine translation, please write to editor@tadviser.ru. We will make every effort to correct them as soon as possible. |