NET PROFIT OF INGO ARMENIA INSURANCE COMPANY PLANNED AT 200MLN DRAMS IN 2009

ARKA
May 29, 2009

YEREVAN, May 29. /ARKA/. Net profit of INGO Armenia insurance company
is expected to be 200mln Drams in 2009 against the target level of
400mln Drams, Executive Director of the company Levon Altunyan said
in his interview to ARKA Agency.

The company is to ensure the profit at the cost of insurance premiums
attracted rather through the company’s active efforts that owing
to the market situation, Altunyan said expressing belief in the
company’s potential.

He also pointed out that the company plans to ensure a positive
profit indicator by the end of 2009, as well as raise policy holders’
confidence through full compensation of insurance payments.

Net profit of INGO Armenia totaled 218mln Drams in the first quarter
of 2009 – a 2.7-time increase against the level of the same period
of last year.

The company gained the highest profit among insurance companies of
Armenia over the reporting period – 132.6mln Drams. At the end of the
fourth quarter 2008 the company had the highest profit from insurance
activities – 517.5mln Drams.

INGO Armenia closed joint stock company was founded in 1997 and was
operating under Efes name in the beginning.

In 2004 Russian INGOSSTRAKH purchased 75% of the company’s shares
and the company was named ING (Russia), IngoNorm (Finland), Garant
(Austria), IN GO UKRAINA afterwards.

The company was recognized as the leading insurance company of Armenia
in 2005-2008 and had the leading positions on collection of insurance
premiums and payment of insurance compensation that totaled 1.948bln
Drams and 461.945mln Drams in 2008 respectively.

The company’s assets amounted to 2.015bln Drams by the end of
2008. The company has licenses for 11 kinds of insurance including
reinsurance. It offers about 30 various policies and insurance kinds,
including property insurance, car insurance, medical insurance,
tourism insurance, freight insurance and etc. ($1=370.89Drams).