small-annual-report-eng (1).pdfggjjfdfjbcc

Ingo Uzbekistan insurance company

2. Foreword …………………..........….……………………………………...54
Insurance market......….……………...........……………...……………..56
INGO-UZBEKISTAN in figures……........….........….....................…63
Main types of activity……….....................................................………68
Voluntary insurance of property and liability….………..........…..71
Motor insurance………...…..…......……………...……………76
Voluntary personal insurance…....…...........…………...…......…….78
Voluntary health insurance……...........……………….………82
Travel insurance……......................……………………….…..84
Reinsurance.........................................................................86
Investments...........………..………………...………………….88
Marketing...........…….......……………………………………..90
Main financial and economic indicators………….........….………….92
Contacts……………………………........….....…………….……………98
Contents

3. Dear Ladies and Gentlemen!
We would like to present to your attention the Annual Report of
“INGO-UZBEKISTAN” Ins. Co. about its operation in 2010.
The insurance company was established in 2005 renamed into
“INGO-UZBEKISTAN” Ins. Co. when in 2008 the “INGOSSTRAKH” Ins. Co., leader
of the Russian insurance market, joined its shareholders.
“INGO-UZBEKISTAN” Ins. Co. is the member of the international
insu-rance group “INGO” uniting insurance companies of the number of the
European and CIS countries, as well as well as companies rendering ancillary ser-
vices related to insurance and re-insurance services Company’s Charter capital
makes up Euro 2.6 million.
In 2010, the Company continued execution of the strategic task of dy-
namic development by increasing its share in the market and preserving leading
positions in the basic lines of business. By the results of the year, “INGO-UZBEKI-
STAN” Ins. Co. occupied the forth place by the volume of premiums taking 7.7%
of the market.
To keep the leading positions in the market,
“INGO-UZBEKISTAN” Ins. Co. implements a number of measures aimed at rais-
ing competitive ability and availability of the insurance services. Serious accent
has been made on the expansion of the selling channels by opening additional
offices, activation of work with the non-insurance intermediaries like banks and
other establishments. And, of course, the Company always focuses on the im-
provement of its image and confidence for the clients also by enhancing quality
of the rendered services.
In 2010, like in the previous years, the Company paid particular attention
to unconditional execution of its obligations before the clients. In the reporting
year, 475 cases were appealed; this is by 93% higher the analogous indicator
of 2009; volume of the assets paid to the applicants rose by 676.6 million Soum
compared with 2009 and comprised 824.3 million Soum.
Thanks to the cooperated teamwork of professionals, in 2010, the
Company continued development of its operation that allowed maintaining
its positions in the market and strengthen confidence of the clients. Today,
“INGO-UZBEKISTAN” Ins. Co. clients are the largest industrial enterprises, or-
ganizations involved with the foreign trade activity, building companies, trading
firms, representative offices of transnational organizations.
In conclusion, I would like to mention that all achievements of
“INGO-UZBEKISTAN” Ins. Co. would be impossible without support rendered
by our clients, business partners and shareholders. We would like to express our
appreciation for your confidence and support!
“INGO-UZBEKISTAN” Ins. Co. team
Foreword

5. By the end of 2010, there were 34 insurers operating in the Republic, of
which - 2 in life insurance, 31 in general insurance and 1 was dealing exclusively
with reinsurance before. Services in the market were also rendered by 3 insurance
brokers and 2 actuary organizations.
By the results of 2010, domestic insurance companies increased collec-
tion of the insurance premiums to 175.5 billion Soum that is by 20.1% higher the
comparative indicator of 2009.
In 2010, the growing trend of receipts on the compulsory types of insur-
ance continued; their volume comprised 46.8 billion Soum or 26.7% of the total
insurance premiums. At the same time, growth rate of the volumes of insurance
premiums on compulsory insurance noticeably slowed down, and that, on the
whole, complies with the growth dynamics of total premiums throughout the
entire market that in 2008-2009 significantly grew due to the introduction of the
compulsory insurance of civil liability of vehicle owners and liability of the employ-
ers.
Insurance market
Similar situation was observed with the premiums on the voluntary types
of insurance. Thus, the volume of premiums on the voluntary insurance grew by
19.4% and made up 128.7 billion Soum. Its share in the total insurance premiums
made up 73.3%. Collection of premiums of the
domestic insurance companies

6. Insurance premiums
(billion Soum)
Compulsory types
Voluntary types

7. In 2010, compared with the past year, insurance claims volumes grew
by 133.2% or 27.6 billion Soum. Growth of the insurance payments was ensured
both at the expense of the growth of payments on voluntary insurance and com-
pulsory insurance. At the same time it is worth noting that in 2010, like in the previ-
ous years, growth rate of claims payments (indemnities) on compulsory insurance
was ahead of the claims on voluntary insurance.
Insurance indemnities
(billion Soum)
INGO-UZBEKISTAN
in figures
As follows from the results of 2010, “INGO-UZBEKISTAN” Ins. Co. in-
creased collections of written premiums to 15 090.4 million Soum or by 10% com-
pared with 2009. Positive dynamics of the insurance premiums was observed in
the voluntary personal insurance 143% or 929.6 million Soum. Voluntary property
insurance also demonstrated positive growth at the level of 13%, with the volume
of 7 712.3 million Soum. As for voluntary insurance liability, it decreased by 2% and
made up 6 368.6 million Soum.
During the past year, Company’s efforts were aimed at the expansion of
the range and quality enhancement of the rendered insurance services. As a re-
sult, the Company managed to increase premium collections by various business
lines, such as property insurance, motor hull insurance, voluntary health insurance,
insurance of civil liability and travel insurance. Collection of premiums on these
types of insurance (without aviation risks insurance) made up 175%. These posi-
tive trends could not but reflected on the share of the market occupied by the
Company. According to the final results of 2010, the Company managed to break
ahead into the leaders and stably occupy over 40% of the insurance market for
those travelling abroad.
The Company firmly occupies the first place in the insurance market of
liability insurance. In property insurance and personal types of insurance, the
Company is on the fourth and seventh place, respectively. For several years, the
Company has been occupying the forth place in the market by the volume of
total insurance premiums.

8. 15 090,4
13 723,7
9 679,9
Collection of the written premiums
(million Soum)
Due to the above mentioned trends, the Company managed to ex-
pand the retail business shares. Thus, by the end of 2010, share of the insurance
of natural entities (individuals) made up 4.2% of total insu-rance premiums or
632.2 million Soum. The core share fell on motor hull and personal insurance.
Insurance portfolio structure
(%)
Property insurance 7,8 Aviation risks insurance 75,2 Civil liability insurance 2,2 Construction and assembling risks insurance 5,1 Financial risks insurance 0,7 Motor insurance 2,4 Voluntary motor third party
liability insurance 0,2
Accident insurance 0,3Travel insurance 3,4 Voluntary health insurance 2,5 Other types 0,2

9. Insurance indemnities
(million Soum)
From the point of view of the losses, 2010 was marked by the num-
ber of occurrences of the insurance events. During the year 475 occurrences
were claimed making up by 93% higher than in 2009. Paid claims amounted to
824.3 million Soum.
Therefore, for the Company, year 2010 turned out to be the year of
dynamic development in all types of insurance and further strengthening of
its financial position. According to the results of 2010, the Information-rating
Agency SAIPRO awarded “INGO-UZBEKISTAN” Ins. Co. uzA rating (high financial
reliability).

11. Property and liability insurance is one of the most steadily deve-loping
types of insurance at “INGO-UZBEKISTAN” Ins. Co. In the course of the entire life
activity of the Company, it firmly occupies the first place by the collection volumes
and differs for the low loss ratio. Compared with 2009, collection of premiums on
this type of insurance grew by 6% and reached 14 080.8 million Soum.
Competition particularly sharpened in the strive to keep and attract new
clients in the conditions of dumping of the insurance tariffs; this, in its turn, leads
to the reduction of the efficiency of insurance ope-rations on the whole, and
reduction of the real solvency of the market. Moreover, the situation is complicate
by the growth of number of large contracts concluded by the clients through
conducting open and closed tenders when the pricing factor becomes a decisive
factor during the selection of the insurance company.
Voluntary insurance
of property and liability
14 080,8
9 6 ,61 8
1,3 337 7
20082008
20092009
20102010
Insurance indemnities
(million Soum)

12. Number of contracts Insurance indemnities
(million Soum)

13. In 2010, property insurance against fire, natural calamities and damage,
various types of liability and insurance of technical risks remained the core direc-
tions like before. Along with this, fire insurance remains traditionally high, premi-
ums collections made up 1 175.1 million Soum or 8.4% of total collections in this
area. Technical risks make up 776.4 million Soum (5.5% of total collections in this
area); this exceeded the indicator of 2009 by 64 times. Growth of this indicator is
partially achieved due to insurance of large investment projects.
Sustainable growth rates have been achieved due to the fact that during
a number of years, major efforts of the Company were aimed at:
• maintenance and development of mutually beneficial cooperation with
the existing clients following the principle “Grow together with the client”. Thanks
to the growth of volume and quality of services provided to their permanent
clients, their share in the portfolio makes up about 40% or 1.0 billion Soum; this
speaks for the high level of trust and loyalty of “INGO-UZBEKISTAN” Ins. Co. cli-
ents;
• attraction of new clients, whose premium share makes up 62.24% or
1 480.0 million Soum.
Complex work on the attraction of corporate clients was continued.
Thanks to the cooperative work of the managers’ team, the clientele base has
significantly expanded at the expense of large industrial enterprises, building
companies, banks and leasing companies, representative offices of transnational
organizations. The following can be highlighted among them:
•
China Road and Bridge Corporation, Republic of Uzbekistan;
•
“Sumitomo Corporation” Representative Office;
•
UzCarlsberg LLC;
•
OJSC “AVTOYUL-QURILISH” and others.
Selective approach to the choice of clients and tough underwriting of
risks undertaken for the insurance allow keeping the extent of the detriment
at the admissible level. Like in 2009, fire still remains the major reason of prop-
erty damage. The largest property insurance event in 2010 was the fire in the
Surkhandarya Region; its coverage amount made up USD 45.7 thousand.

14. At present, motor insurance is one of quickly developing segments of the
insurance market in the Republic of Uzbekistan. This can also be accounted for
the significant role played by the Law of the Republic of Uzbekistan “On Compul-
sory Insurance of Civil Liability of Vehicle Owners” adopted in 2008. The annual
growth of vehicle production also promotes development of this segment in the
domestic market.
Keeping in mind perspective development of this segment of the mar-
ket, “INGO-UZBEKISTAN” Ins. Co. focused on the enhancement of the insurance
product allowing qualitatively and operatively settle the losses. Measures taken in
this direction did not make it wait long. Thus the total number of the contracts
concluded in the reporting year reached 766 and increased compared with the
past year by 480%. Total volume of the collected insurance premiums, increased
compared with 2009 by 102% and made up 416.3 million Soum.
The Company managed to strengthen its positions in the motor insur-
ance market in many respects thanks to a specific approach to the improvement
of business processes by simplifying procedures of formulation of policies and
payments of claims, thus, making the image of a reliable and professional insurer.
Motor insurance
Besides that the Company continued establishment of the cooperation
with banks and leasing companies, with the international organizations represen-
tative offices and foreign state embassies, domestic enterprises and organiza-
tions.
Among our large clients we can highlight the following:
• Representative offices of:
• Japan International Cooperation Agency (JICA);
• “Sanofi-Aventis Groupe” France in Uzbekistan;
• “ITOCHU Corporation” - Tashkent;
• “LES LABORATOIRES SERVIER”;
• KRKA d.d., Novo Mesto in R.Uz;
• “MARUBENI CORPORATION TASHKENT LIAISON OFFICE”;
• JETRO Tashkent;
• Gazprom Germania GmbH;
• “Seo Joong Logistics Co., LTD”;
• “DAEWOO ENERGY CENTRAL ASIA” LLC;
• “Fortuna Trans Universal” LLC;
• OJSC “FINANS SUGURTA” and others.

15. Voluntary personal insurance Besides property insurance against fire, natural calamities and damage,
construction and assembling risks and various types of liability, the Company “IN-
GO-UZBEKISTAN” continues actively participate in offering services in voluntary
personal insurance.
The Company offers insurance services in this segment on such types like
voluntary health insurance, travel insurance and accident insu-rance. Along with
this, the focus is made both on the insurance of legal and natural entities who are
the major consumers of travel and accident services.
The most successful was Company’s activity in voluntary health insurance
and insurance of those travelling abroad. Company’s positioning in the voluntary
personal insurance segment is accompanied by the high growth rates. Thus, in
2010, voluntary personal types of insurance brought in conclusion of over 9250
contracts and attracted 910.1 million Soum making up 142% compared to similar
indicator of 2009. Growth of the insurance premiums, in its turn, has significantly
influenced upon the size of the coverage payments that amounted to 404.6 mil-
lion Soum that is exceeded the indicator of 2009 by 316%.
14,6
3,75 3
910,1
Insurance premiums
(million Soum)

16. Number of contracts
2,997,4 404,6
2008
2009
2010
Insurance indemnities
(million Soum)

17. During the past years, the Voluntary Health Insurance has been acquir-
ing popularity in the insurance services market of the Republic of Uzbekistan.
Although trends in the development of this type of insurance reflect the gradual
ascent; in 2010, Company’s collections of the voluntary health insurance premi-
ums made up 377.2 million Soum i.e. 40% higher the indicator of 2009.
The Tashkent City was still the most active VHI market by territorial divi-
sion. In 2010, demand for the VHI services was mainly coming from the legal enti-
ties – enterprises involving foreign capital, representative offices of the foreign
companies and large domestic companies and enterprises.
Expansion of the clientele base became the priority purpose of render-
ing voluntary health insurance services by the Company. As a result, the strategic
goal was achieved due to conclusion of new insurance contracts with various
organizations from the number of representative offices of foreign companies
and financial institutions, as well as preservation of large clients on the earlier
concluded contracts.
Particular emphasis was made on the formation of the tariff rates. In the
attraction of clients, the Company was guided by the policy of determination of
the objective tariff rates instead of the application of the understated (dumping)
tariffs.
Voluntary health insurance
Sales of the voluntary health insurance services were held only for the
corporate clients, among which were such companies like: •
Ucell TM (FE «COSCOM» LLC);
•
OJSC Turon bank;
•
“DELOITTE & TOUCHE” LLC;
•
Representative offices:
•
Bayer Schering Pharma AG;
•
“Development Alternatives, Inc.”;
•
“IG Overseas Services Limited” and others.
Insurance payments of ICJSC “INGO-UZBEKISTAN” on the voluntary
health insurance in 2010 reached 268.1 million Soum that is by 5 times higher
than in 2009. Intensive growth of claims is, first and foremost, explained by the
growth of number of the Insurants and natural growth of prices for quality medi-
cal services. On the other hand, there is the significant growth of appealability
of the Insurants for getting services on the insurance policies resulting from the
development of the voluntary health insurance and raise of the confidence of the
Insurants to this type of the insurance.

18. Travel Insurance is gaining momentum following intensive development
of tourism in the Republic and growth of the income of country’s population.
Being aware of the significance and long-term perspective of this insur-
ance product, the Company developed a number of complex measures and re-
solved a number of issues that have ensured for the Company the place of an
absolute leader in this segment in a very short period despite the tough competi-
tion in the Insurance market.
The Company managed to preserve its leading position in this segment
of the market due to the enhancement of the insurance product and its attrac-
tiveness for the insurants of different profiles envisaging unconditional provision
of the insurance protection, and therefore protecting resident’s interests of our
citizens in their travels abroad.
Existence of the reinsurance protection from “INGOSSTRAKH” Ins. Co.
having a number of its standalone units located in many cities of the world and
involvement of the international assistance services serve the guarantee of quali-
tative and timely protection in any point of the world.
In 2010, the largest participants of the tourist market organized char-
ter flights to “Tashkent-Antalya-Tashkent” and “Tashkent-Sharm-al-Sheih-
Tashkent; over 80% of tourists using the charter flights were insured by
“INGO-UZBEKISTAN”.
Travel insurance
Despite rather tough competition among the insurance companies,
“INGO-UZBEKISTAN” Ins. Co. in 2019 managed to collect over 500 million Soum;
this exceeds volumes of 2009 by 5.6 times and preserved its leading position in
this segment of the market.
Travel insurance sales networks continue to expand through the insu-
rance intermediaries including over 80 organizations and individual entrepreneurs.
We may highlight among our partners such insurance agents like:
•
“Davr Tour” LLC;
•
“Avrud” LLC;
•
American Express / Elan Express LTD;
•
“Lyuks Tur” LLC;
•
“Reko” LLC and others.
In the reporting year, the Company successfully demonstrated the image
of a reliable partner by its unconditional and reliable execution of the liabilities
before the Insurants. Several complex insurance cases connected with heavy trau-
mas and diseases requiring transportation and medical escort from abroad were
settled during this period. As a result, total amount of travel insurance claims
made up over 135 million Soum.

19. Qualitative protection of its insurance portfolio is the priority area for
“INGO-UZBEKISTAN” Ins. Co.. When selecting qualitative reinsurance coverage
and, respectively, of the qualitative reinsurance partner, the Company orients to
the leading recognized and financially reliable players whose level fully complies
with the legislative requirements.
Among our partners, we can particularly highlight the following: Reinsurers: •
Ingosstrakh Insurance Company, Russian Federation;
•
If&P Insurance, Sweden;
•
Allianz Insurance Company, Russian Federation;
•
Uzbekinvest National Export – Import Insurance Company,
Republic of Uzbekistan;
•
Transinsurance Reinsurance Company, Republic of Uzbekistan.
Brokers: •
Willis Ltd. and its subsidiary companies in the CIS countries;
•
Marsh and its subsidiaries in the CIS countries.
Reinsurance
7 504,3
10 850,5
10 980,8
2008
2009
2010
Premiums given
for reinsurance
(million Soum)

20. Investments
“INGO-UZBEKISTAN” Ins. Co. carries out its investment activity following
the Regulation “On the Investment Activity of the Insurer and Reinsure” and the
Investment Policy of the Company.
When placing its own assets and insurance reserves, the Company keeps
to the conservative policy aimed at the minimization of risks and provision of reli-
ability and recovery of the investments under receiving planned rate of return.
The main task in the field of short-term investments is the formation of
high liquidity assets adequate for the coverage of the undertaken obligations, as
well as securing planned return.
The entire investment activity is implemented in strict compliance with the
established norms.
As of 31.12.2010, volume of the investment portfolio made up
7 506.2 million Soum. In particular, deposits in terms of national currency - Soum
and USD make up 7 466.0 million Soum placed with the domestic commercial
banks; securities portfolio comprises 40.2 million Soum and is fully formed of the
shares of the banks.
Investment portfolio
(million Soum)
The deposit portfolio is composed of the short-term demand deposits,
which are allocated for the period not exceeding 13 months.
a .200 s of 31.12 8
7 267,2
20,2
a . .20 s of 31 12 09
7 792,7
20,2
a .1 .201 s of 31 2 0
7646 ,0
40,2
Deposits
Securities

21. The basic strategic task of ICJSC “INGO-UZBEKISTAN” for 2010 was its
dynamic development by raising its share in the market and maintenance of the
leading positions in the basic lines of business. To achieve these aims, the Com-
pany implemented the complex of measures directed to the increase of the com-
petitiveness and accessibility to the insurance services.
The Company directed its major efforts in public relations area to the
strengthening of its positive image and effective cooperation of the Compa-
ny with mass media. Information activity of the Company in 2010 was aimed
at the promotion of the insurance services and comprehensive coverage of
INGO-UZBEKISTAN activity in mass media both in the domestic and foreign mar-
kets.
In its work with the clients, the Company oriented at targeting certain cli-
entele group and took relevant advertising measures including placement of the
advertising image video clips on the monitors located in the airports and railway
stations, on boards of the international flights.
Last year, ICJSC “INGO-UZBEKISTAN” took part in such important events
like the international insurance forum “TIIF-2010”, international investment forum,
and the 10th International Yalta Financial Forum. The Company also participated
in the 16th Tashkent International Tourist Fair “TOURISM ON THE SILK ROAD”; as
a result, the Company was awarded with the diploma “For the Contribution to the
Development of Tourist Industry in the Republic of Uzbekistan”.
Marketing
In March 2010, the Company finished the work on the registration of its
trade mark. Based on the Law of the Republic of Uzbekistan “On the Trade Marks,
Services Marks and Names of Goods Origin”, Patent Department of the Republic
of Uzbekistan has certified “INGO-UZBEKISTAN” trade mark.

24. Profit and loss statement
(thousand Soum)
Balance sheet (thousand Soum)

26. Contacts
INGO-UZBEKISTAN branch network:
Head-office
Tashkent Branch
Tashkent Regional Branch
Branch in the Republic
of Karakalpakstan
Andijan Regional Branch
Bukhara Regional Branch
Djizzak Regional Branch
112, Zulfiyakhonim Street, Tashkent,
Uzbekistan, 100128
phone: [phone]
fax: [phone]
E-mail: [email protected]
12 B, Afrosiab Street, Tashkent
phone: [phone]
([phone]
fax: [phone]
e-mail: [email protected]
12 B, Afrosiab Street, Tashkent
phone: [phone]
fax: [phone]
e-mail: [email protected]
104, Dustlik guzari Street, Nukus
phone: [phone],
([phone]
e-mail: [email protected]
35, A.Navoi Prospect, Andijan
phone: [phone]
fax: (+ 998 74) 224 5991
e-mail: [email protected]
“City Centre”, 27, Mustakillik Street,
Bukhara
phone: [phone]
e-mail: [email protected]
“Yoshlar Markazi” Complex,
Khalklar Dustligi Prospect, Djizzak
phone: [phone]
fax: (+998 72) 771 6124
e-mail: [email protected]
60, Uzbekistan Street, Karshi
phone: [phone]
e-mail: [email protected]
30, Dustlik Street, Gulistan
phone: [phone]
e-mail: [email protected]
Train station area,
A.Timur Street, Namangan
phone: [phone]
fax: [phone]
e-mail: [email protected]
15a, Alpomish Street, Termez
phone: [phone]
e-mail: [email protected]
14, P.Ochilov Street, Navoi
phone: [phone]
fax: [phone]
e-mail: [email protected]
27, T. Kambarov Street , Fergana
phone: [phone],
([phone]
fax: [phone]
e-mail: [email protected]
11, Ipak Yuli Street, Samarkand
phone: [phone],
([phone]
fax: [phone]
e-mail: [email protected]
29, Tinchlik Street, Urgench
phone: [phone]
fax: [phone]
e-mail: [email protected]
Navoi Regional Branch
Namangan Regional Branch
Kashkadarya Regional Branch
Филиал в Самаркандской
области
Sirdarya Regional Branch
Surkhandarya Regional Branch
Fergana Regional Branch
Khorezm Regional Branch