Kafolat Insurance Company

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 a number of competitive advantages:

-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
commission incomes 104%   37814475 18577186 22556514
Acquisition expenses 44%   46686763 32391962 12566962
Results of insurance activities 46%   71688621 49214442 48206953
Interest incomes from loans and deposits with banks 112%   3698494 1741731 1886440
Dividend incomes -12%   13169788 14946505 3945285
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
Other incomes 54%   2922632 1897138 868557
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
Income tax -2%   872317 885641 2078576
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)
2019 5,8 84,97%
2018 1,34 33%
2017 1,97 56,01%

Kafolat Insurance Company

Assets (in B UZS)
Equity/Liability (in B UZS)
Revenue/Net Profit (in B UZS)
ROA (%)
ROE (%)
EPS /Dividend per share (UZS)
Debt to equity ratio/Working capital ratio (Coef.)
Deterioration ratio/current financial independence ratio (Coef.)
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