PPF Life Insurance’s 2017 results: a steady growth of sales
2017 was an anniversary year for PPF Life Insurance. For 15 years, the company has maintained its strong market position among leading life insurers in Russia.
- The total volume of insurance premiums in life business increased by 11% year-on-year and amounted to RUB 3,223,966,000.
- Sales grew primarily thanks to the efficient operation of the company’s agency network.
- The amount of insurance benefits paid out in 2017 increased by 20% and totalled RUB 1,032,960,000.
- PPF Life Insurance strengthened its presence in seven regions of Russia. New offices were opened in cities such as Ufa, Rostov on the Don, Novosibirsk, Krasnodar, Perm and Novokuznetsk.
- In 2017, the company presented to the market a unique insurance product for pregnant women called Maria, which provides reliable financial support to future mothers throughout the entire pregnancy and early postnatal period.
- The company invested considerable amounts in its business development and saw a substantial growth in the total amount of insurance benefits paid, all of this in an environment of quite modest market dynamics in the segment of traditional life products; thus, its net profit fell by 10% to RUB 312,934,000.
Vít Sedláček, Chairman of PPF Life Insurance Board of Directors, said: “We rely on developing traditional life assurance products – endowment life insurance and pension-related life insurance policies, because these products are constantly in demand. To promote these products, we use the traditional sales channel: the network of our own agents. We seek to pursue this approach since personal contacts help us find an individualised attitude to each client and choose suitable programmes that enable clients to accumulate reliable financial provisions for unforeseeable situations.”
With its market share of more than 34%, PPF Life Insurance has been the market leader in the specific segment of pension-related life policies for five years in a row.
For 15 years, PPF Life Insurance has been actively involved in efforts to improve the population’s financial literacy in most of Russian regions. PPF Life Insurance has also contributed significantly to contribute to efforts against oncology diseases as it traditionally provides funds for grants to future oncology doctors; in this, the company works with a reputable Cancer Prevention Fund.
PPF Life Insurance’s financial credibility has been rated high (at ruAA) by the RAEX rating agency for five years in a row. This rating mainly reflects the company’s financial stability and reliability.