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PPF Life Insurance: Results for 2018
PPF Group’s Life Insurance business has been one of the leaders in its segment of the Russian insurance market for more than 16 years. The company’s 2018 results further highlight their leading position:
- Total volume of written premium rose by 13% year-on-year in 2018 to RUB 3,642,977,000, primarily thanks to the efficient operation of the insurance company’s branch (agency) network across Russia.
- New business rose by 17% year-on-year; in financial terms, this equated to RUB 1,014,779,000 in written premium under contracts concluded in 2018.
- In 2018, the company opened 20 new branches in 15 Russian regions (16 cities).
- The total number of agents working for the company rose by 23%.
- The number of insurance contracts concluded with the company’s clients in 2018 increased by 46% versus 2017.
- The insurance company’s mission is to protect its clients’ plans and desires. In 2018, it launched four new insurance products geared towards supporting clients in unforeseeable situations concerning health. One of these is a long-term scheme that helps to increase clients’ future income during retirement. These products are advisable for young people who are planning for their future financial security.
- PPF Life Insurance generated a net profit of RUB 158,033,000 despite its ongoing major investment, primarily in the development of the agency network
- The amount of insurance benefits paid in 2018 rose by 10.5% year-on-year to RUB 1,141,292,000.
Vít Sedláček, Chairman of PPF Life Insurance Board of Directors: “2018 was a very successful year for our company with a strong financial performance and continued sustainable growth. We are delighted that our strategy of offering clients long-term savings solutions and savings protection is being well received in the Russian market. We continue to launch new products into the market so that we can provide our clients with the best possible products and services to help them to most effectively plan for their future financial requirements.”
PPF Life Insurance is a stable business and has been rated ruAA by RAEX, a Russia-based rating agency for six consecutive years, confirming our high levels of financial credibility.