Collection of premiums by Russian insurers falls 1.6% in Jan–Mar

MOSCOW, Jun 7 (PRIME) -- Collection of premiums by Russian insurers decreased by 1.6% on the year to 452.3 billion rubles in January–March, the central bank said on Tuesday in a report.

Payments on insurance contracts went up 8.7% on the year to 201.4 billion rubles in the period.

The pretax profit of Russian insurers contracted by 3.7% to 47.5 billion rubles mainly because of worse performance of insurance contracts other than life insurance. Results of investment activity of insurers grew as income from operations with foreign currencies increased following revaluation of assets caused by the ruble’s weakening, the regulator said.

The companies also suffered losses from operations with financial instruments. As a result, profitability of the insurance companies fall, and return on equity amounted to 26.2%, while return on assets reached 5.9%.

(61.1094 rubles – U.S. $1)

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