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Key Financial Results
ERGO Russ is the Russian non-life daughter company of the German insurance group ERGO, that in turn is part of the Munich Re group, also in Germany.
ERGO-Russ has developed very dynamically over the last years as shown in the following graph:
Gross written premium 2002-2007
The main result of 2007 is that we were successful in substantially building on our growth of previous years. Especially in Moscow, we were able to take advantage of existing growth opportunities - Our Moscow branch thus realized a growth rate of 134%+.
In July 2007, the Management Board of ERGO Versicherungsgruppe approved our mid-term plan, with which we plan to build an ever stronger ERGO non-life insurance operation in Russia that contributes to the growth opportunities on the Russian market. The ERGO-group is committed to further investments into the continued build-up especially of our distribution network.
All of the above factors have contributed to the rapid development of our business. An example of this strong growth can be the development of our technical reserves:
Technical Reserves 2002-2007
To strengthen our position and to facilitate further strong growth, the capital of ERGO-Russ was increased over the last year as follows:
Capital increase
As of June 2008, total equity of ERGO Russ amounts to 437 mio. Rub. Our plans foresee that equity will continue to be increased corresponding to sales growth.
In 2007, we have also restructured and substantially expanded our sales network and have thus been able to win many more clients, many of them first class addresses. We have continued our growth in the North-West regions among others with the new Branches in Murmansk and Petrozavodsk. Already in December 2007, we opened the first new branch that will be run out of the regional center in Moscow in Chelyabinsk.
For 2008, we plan again very strong growth with a continued build-up of our distribution network. As at the second quarter 2008, new branches in Cherepovez, Nizhniy Novgorod, Yekaterinburg and Rostov have been opened.
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