PPF Life Insurance: H1 2014 revenues from long-term life assurance up 27%
Total premiums collected from long-term life products increased 27% compared with the same period in 2013. Total premiums from savings and pension products were 1.2 billion roubles while total premiums from accident insurance products were almost 40 million roubles. The total number of active insurance policies exceeded 1.2 million.
Claim settlements paid by PPF Life Insurance for the first half of 2014 exceeded 465.2 million roubles, one-quarter more than in the previous year.
As at 30 June 2014, the company’s insurance reserves were 6.3 billion roubles and its assets were 7.5 billion roubles.
Sergey Perelygin, Director General, PPF Life Insurance, noted: “Our company is fully committed to developing standard long-term life products, expanding the share of the business not associated with consumer credit insurance within the portfolio structure. We intend to continue following this strategy in the future. To support our plans, we are continuing with the active development of our network of representatives – this year alone, we have opened more than 20 agent offices, and our company is now present in 52 regions of the Russian Federation. The results generated by this dynamic expansion has surpassed our expectations – revenues from the agency sales channel grew 27% in the first half of 2014 compared with the same period of 2013. By the end of this year, PPF Life Insurance expects to open several more offices in the largest federal districts.”