Joint Stock Company "Kafolat Insurance Company " was founded in 1997 and operated based on the Resolution of the President of the Republic of Uzbekistan from 09.10.2017 № RP-3317
"On measures to improve the activities of JSC "Kafolat Insurance Company".
The nominal price of a stock is 1 UZS, the total number of shares is 35,299,535,950 pieces. The share belonging to JSC "UzAssets" is 41.5 %.
The largest shareholders of the company are JSC “UzAssets Investment Company”, JSC “Genesis Innovation”, JSC “National Bank of the Republic of Uzbekistan for Foreign Economic Activity”,
JSC “Navoi Mining and Metallurgy Combinat”, JSC “Almalyk Mining and Metallurgy”, The Joint-Stock Commercial "Aloqabank", State joint-stock commercial bank “Asaka”.
The company operates under license from the Ministry of Finance of the Republic of Uzbekistan to conduct insurance operations in all 17 classes of the general insurance industry, in
mandatory and voluntary forms, involving more than 120 types of insurance activities.
To provide reliable protection of the company's insurance portfolio, by placing risks in leading domestic and foreign reinsurance companies, the Company works on reinsurance and
diversification of risks.
Today the company has agreements on cooperation on reinsurance with domestic and foreign reinsurance companies such as Abu Dhabi National Insurance Company, Oman Insurance
Company, Insurance House, Polish REDirect Insurance, London Market Plc, САО ВСК (Russia), JSC “Oil insurance company” (Kazakhstan), Barents Reinsurance SA, Ace Insurance Pvt. Ltd, etc.
JSC “Kafolat Insurance Company” is recognised with “UZ A++” as financially stable by a local “SAIPRO” rating agency, as well as “BB-, stable” by an international rating agency “Fitch
ratings”. JSC "Kafolat Insurance Company" is the only Associate Member of the International Underwriting Association of London in the territory of Uzbekistan.
As of January 1, 2021, the company has 15 branches, 60 offices and 156 insurance centres with 600 full-time employees and 3,400 insurance agents working in all country regions.
JSC “Kafolat Insurance Company” has “Kafolat Hayot” LLC and “My assist” LLC subsidiaries. The company’s brand name is well-known in the country.
The quality management system has been implemented by the international standard ISO 9001: 2015.
In the next five years, it is planned to ensure the income of insurance premiums with an annual increase of at least 35%.
The company has
-Leads by the number of insurance branches and offices operating in the country;
-The brand name is well known and the company has extensive experience in the insurance market (24 years);
-High value of the company's assets;
-Availability of subsidiaries: “Kafolat Hayot” LLC and “My assistant” LLC;
-High level of corporate governance;
The company's financial statements are prepared based on IFRS and are annually audited by international auditing organisations.
|Indicators (in thousand UZS)||Change over previous year||2020||2019 (IFRS)||2018 (IFRS)||2017 (IFRS)|
|Gross insurance premium||40%||125017092||89081358||61111134|
|Insurance premium of reinsurance contracts||-56%||9093634||20442419||11620995|
|Insurance premium, net of reinsurance||69%||115923458||68638939||49490139|
|Fluctuation of the share of the reinsurers in reserved unearned premium||547%||22823012||3526364||4352200|
|Earned insurance premium of the net reinsurance||29%||93100446||72165303||45137939|
|Paid losses,total amount||-10%||11450063||12776926||9259280|
|Compensations of the payments of the risks receivable in reinsurance||-25%||5042183||6741091||8440908|
|Fluctuation of the share of the reinsurers in reserved losses||98%||6131657||3100250||6102166|
|Actual losses of the net reinsurance||37%||12539537||9136085||6920538|
|Results of insurance activities||46%||71688621||49214442||48206953|
|Interest incomes from loans and deposits with banks||112%||3698494||1741731||1886440|
|Other expenses from activities||-71%||387155||1330120||152867|
|Results of investment activities||7%||16481127||15358116||5678858|
|Net profit from operations with foreign currency||2040%||2115081||98815||1999016|
|Administrative and operating expenses||36%||81517846||59828842||36880957|
|Loss from recovery of provision for expected credit losses||-57%||237096||548878||1076968|
|Other activity results||31%||76717229||58381767||35090352|
|Profit Before Tax||85%||11452519||6190791||18795459|
|Net profit for the year||99%||10 580 202||5 305 150||16 716 883|
|Year||Accrued dividends (In.B.UZS)||Payout ratio of the net profit
(According to NAS)