PPF Life Insurance increased written premiums for long-term life assurance by 25% in the first nine months of 2013
PPF Life Insurance achieved total written premiums for the first 9 months of 2013 of over RUB 7.6 billion under the Russian accounting standards (RSBU1). The company’s core business line, which includes life assurance schemes for savings and pensions, reported the highest growth rate.
PPF Life Insurance has continued the strong development of its core market segment, which excludes borrower insurance, leading to a significant increase in business volumes in the field. It increased the amount of written premiums for long-term life assurance for the first nine months of 2013 by 25% compared with the same period of 2012.
The largest part of PPF Life Insurance’s achievements for the first three quarters of 2013 is attributable to the sales representative channel, which achieved a 27% rate of growth in premiums compared with the same period of 2012. PPF Life Insurance has launched an extensive regional expansion programme in order to build its agent network. The company opened 11 new offices2 in the first six months of the project’s implementation.
Vít Sedláček, Chairman of the Board of Directors, PPF Life Insurance, commented: “The company’s priority is to develop its long-term life assurance business and the retail sales channel plays a crucial role in this. This is why we have been systematically improving the efficiency of our agent and broker network, investing considerable funds in training and motivational programmes, developing our product line-up and deploying the latest technologies that help us to operate successfully with strict quality standards.”
1PPF Life Insurance keeps accounts pursuant to the international (IFRS) and Russian (RSBU) accounting standards
2Figures current at 18 November 2013