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Rosgosstrakh says needs 11–17 bln rbl extra capital by 2018

September 05, 2017 | Prime

Russian insurance company Rosgosstrakh has estimated that it needs 11–17 billion rubles of a capital boost by the end of this year, the company said in a report late Monday.

“Starting with 2016 the company needs additional capital. In 2016, 21.7 billion rubles were injected, another 40 billion rubles were injected in the first half of 2017. Under our estimates, another 11–17 billion rubles are required by the end of 2017,” the report said.

A significant part of the additional capital was placed in financial instruments of financial group Otkritie, which has been now taken under control of the central bank, which gives hope that these investments will ensure stable operations of Rosgosstrakh, the report said.

In March, Otkritie Financial Corporation (FC) Bank raised its stake in Rosgosstrakh to 19.8% from 4.4%, and in August the Federal Antimonopoly Service allowed the bank to buy 100% in the insurer.

Under the central bank’s plan, Rosgosstrakh is expected to have a net profit of around 5.5 billion rubles in 2018. In 2016, the company had a net loss of 17.8 billion rubles.

Company: Rosgosstrakh

Full company namePJSC Rosgosstrakh
Country of riskRussia
Country of registrationRussia
IndustryFinancial institutions

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