ARMENIA’ INSURANCE COMPANY INCREASES ITS AUTHORIZED CAPITAL REMAINING THE ABSOLUTE LEADER IN MARKET BY THE CAPITALIZATION LEVEL

Arminfo Agency
2007-05-02 18:16:00 ‘INGO

The general meeting of the "INGO Armenia" insurance company’s
shareholders took a decision to capitalize the profit earned in 2006
and bring the authorized capital to 598 mln AMD ($1 675 thsd). The
"INGO Armenia" remains an absolute leader in the Armenian insurance
market by the capitalization level.

Levon Altounyan, the head of the "INGO Armenia", told ArmInfo
correspondent that the conceptual decision to direct the company’s
earned profit to the authorized capital was taken 4 years ago, when
75% of the company’s shares were purchased by "Ingosstrakh", one of
the largest Russian insurance companies.

According to the results of 2006, the company’s net profit totalled
50 mln AMD. By the shareholders’ decision, 45 mln of this amount are
to be spent on r aising the capitalization level.

L.Altounyan emphasized that the shareholders’ meeting positively
estimated the implementation of the company’s business plan and decided
to continue reinforcing the leading positions in the market, deepening
the introduction of retail products, development of infrastructure
of insurance services, including the sphere of medical insurance and
personnel training.

To note, according to the Ranking of the leading insurance companies
prepared by the Agency of Rating Marketing Information (ArmInfo),
the "INGO Armenia" holds the leading positions in the sphere of
property insurance, automobile insurance, medical insurance, liability
insurance. As of the beginning of 2007, the company held the second
place by the volume of premiums (699.2 mln AMD) and insurance indemnity
(707.2 mln), the fourth place by the level of earned profit (58.4
mln). The company has lately put on the insurance market the Center
for Family Medicine and the School for Insurers which has already
trained 10 specialists.