Renaissance Insurance IFRS net profit rises 7% in January–September

MOSCOW, Nov 22 (PRIME) -- The adjusted net profit of Russian insurer Renaissance Insurance increased by 7% on the year to 3.5 billion rubles in January–September, as calculated under International Financial Reporting Standards (IFRS), the company said in a statement on Monday.

Gross collection of insurance premiums grew by 27% on the year to 74.4 billion rubles in the period due to recovery of demand for insurance services.

Collection of premiums on contracts other than life insurance grew by 21% to 32.9 billion rubles. Premiums in the car insurance segment rose by 32% in the period as sales of new cars gained 15%, while premiums in the voluntary medical insurance increased by 15% to 5.8 billion rubles.

(72.7617 rubles – U.S. $1)

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