As the provision of funds to support the organization’s own activities for a certain period of time, while also ensuring the servicing of loans and borrowings and the production of products.

As for insurance organizations, financial stability of the insurer this is its ability to fulfill its obligations under signed insurance contracts, regardless of changes in economic conditions.

That is, the basis that ensures a sufficient level of financial stability is the size of the authorized capital of the insurance organization and accumulated insurance reserves, as well as the reinsurance system.

It should be noted that if the insurer provides several types of insurance, then reserves for each type are formed separately.

In the Law of the Russian Federation of November 27, 1992 No. 4015-1 “On the organization of the insurance business in the Russian Federation,” a separate chapter is devoted to issues of financial stability; the reason for such attention of the legislator to this issue is, undoubtedly, that financial stability of the insurance organization is a matter of its survival, since in today's unstable market conditions, bankruptcy can act as a likely result of the economic and financial activities of the insurer.

Factors of financial stability

Like any other object of study, the financial stability of an insurance organization is influenced by internal and external factors.

External factors include:

• International events;
• Inflation;
• Political situation;
• Changes in legislation;
• Competition;
• Tax system;
• Interaction with partners;
• Economic sustainability countries;
• The economic situation of the industry as a whole;
• Natural disasters.

Internal factors affecting the financial stability of the insurer include:

• Investment policy;
• Dependence on the reinsurance market;
• Equity;
• Insurance reserves;
• Tariff policy.

TO the most important factors of financial stability include: pricing policy, insurance portfolio balance, cost management policy, reinsurance, accurate assessment of insurance liabilities (reserves), liquidity management, investment policy, adequacy equity.

Under pricing policy refers to the principles and methods used to calculate (construct) insurance rates, and subsequent control over the use of these rates and setting prices for insurance services, as well as control over the adequacy of tariffs and contributions (premiums).

Requirement balance of the insurance portfolio is determined by the need for its (portfolio) compliance with the conditions of applicability of the law of large numbers.

Cost management is defined as establishing their planned level and monitoring compliance with the cost budget, as well as optimizing the business processes of an insurance organization in order to reduce cost elements.

Factors such as reinsurance, assessment of insurance liabilities(reserves) and liquidity management, in our opinion, do not need any comments.

Talking about sufficiency insurer's capital, we understand it in a broad sense, putting into this concept:

• sufficiency of risk capital to meet legal requirements, the requirements of rating agencies and the requirements of our own model for assessing capital needs;
• sufficiency of development capital to implement the strategy of the insurance organization, i.e. capital adequacy in the usual, non-insurance sense as a source of funds to create the material base for the company’s development.

This leads to a broad understanding investment policy insurer, which includes: placement of insurance reserves, placement of risk capital, in the development of the company.

Indicators of financial stability of the insurer

Among the first indicators characterizing the financial stability of an insurance organization, it is necessary to mention: Compliance of the size of the authorized capital with the regulatory value (Article 25 of the Law of the Russian Federation of November 27, 1992 No. 4015-1). Placement of insurance reserves in accordance with the standards established by the Order of the Ministry of Finance of the Russian Federation dated July 2, 2012. No. 100n.

Equity ratio or ownership ratio:

K = (Ks*100)/(O+Ks)

where, Ks is the equity capital of the insurance organization; O - the total amount of the insurer's liabilities.

This indicator determines the share, as a percentage, of equity in the total capital in the balance sheet currency. A high level of the indicator characterizes the financial independence and stability of the insurer, and guarantees the fulfillment of its obligations to policyholders and other creditors. The normal value of the equity ratio is considered to be 60-70%.

Gearing ratio:

K = (Z*100)/(Z+Ks)

where, Z is borrowed capital.

The ratio expresses the share, as a percentage, of borrowed (raised) funds in the total amount of capital used on the balance sheet and is the inverse indicator of the ownership ratio. The normal ratio is 30-40%.

In order to determine the influence of the degree of shortage of the insurer's funds on the degree of financial stability, the coefficient developed by F.V. is used. Konshin for a homogeneous portfolio and for an arbitrary portfolio divided into homogeneous subportfolios:

Where T is the average tariff rate for the insurance portfolio; n is the number of insured objects.

As can be seen from the formula, this indicator is directly dependent on the size of the tariff rate and the size of the insurance portfolio (the number of insured objects) and does not depend on the insured amounts. The lower the coefficient, the higher the financial stability of the insurance organization.

The disadvantages of the proposed coefficient include the fact that the most accurate results are when the insurance portfolio consists of objects with approximately equal risks in value (i.e., without disasters, earthquakes, loss of spaceships, aircraft, etc.).

Since the financial stability of the insurer depends quite strongly on the volume of reinsurance, it can be used to assess financial stability insurance fund financial stability coefficient:

Where ΣD is the amount of income for the tariff period; ΣЗФ - the amount of funds in reserve funds; ΣР - the amount of expenses for the tariff period.

The higher the stability coefficient of the insurance fund, the higher the financial stability of insurance operations.

An important factor characterizing the financial stability of an insurance organization is insurance operations, which is expressed by the ratio of balance sheet (gross) profit to the revenue side:

However, due to the non-productive nature of the activities of insurance organizations, income is not created in them, and profit is generated through the redistribution of funds of policyholders, i.e. necessary and surplus product created in other production areas. Therefore, it would be more correct to define the profitability of insurance operations as an indicator of the level of profitability (D), namely, as the ratio of the total amount of profit for a certain period to the total amount of payments for the same period:

Where ΣBP is the amount of balance sheet profit for the year; ΣСВ - the total amount of insurance premiums for the year.

In addition to those discussed above, the following are distinguished: coefficients of financial stability of an insurance organization:

1. level of insurance reserves;
2. ratio of equity and liabilities;
3. the ratio of the amount of insurance premiums and insurance reserves;
4. ratio of working and non-working capital;
5. level invested capital;
6. level of permanent capital.

The level of insurance reserves is one of the most important coefficients of financial stability; it shows the share of insurance reserves in the capital of an insurance organization:

ISR = insurance reserves / total assets

The greater the numerical value of the coefficient and its growth in dynamics, the higher the financial stability of the insurer in terms of providing insurance protection. The coefficient values ​​are considered sufficient at the level of 0.7 or more.

The ratio of equity capital to liabilities shows how much the equity capital of an insurance organization exceeds the amount of borrowed capital:

Ksk = equity / liabilities

It is fundamentally important to have a numerical value of this coefficient greater than 1.0. The higher the value of the indicator, the higher the degree of solvency of the insurer in terms of repaying its obligations not related to the insurance protection of clients.

The ratio of the amount of insurance premiums and insurance reserves shows the dependence of the growth or decrease in the value of the insurance fund directly on insurance activity (the amount of insurance premiums), this indicator is calculated as:

Kspsr = insurance premiums for all types of insurance / insurance reserves

An increase in the numerical value of the coefficient with an increase in the volume of insurance reserves reflects a tendency to increase the confidence of policyholders in the insurer. It is of undoubted interest for analysis to compare changes in the values ​​of growth rates and the increase in the coefficient as a whole with changes in the values ​​of the numerator and denominator.

The ratio of working and non-working capital shows the change in the capital structure of the insurer in the context of its two main groups. The values ​​of this indicator depend on the period of activity of insurance organizations in the insurance market and on the economic situation in the country and in the region. In general, as the economic situation improves for steadily developing insurance organizations, the numerical value of the coefficient should decrease:

CSR = working capital / non-working capital

Significant fluctuations in the value of the ratio require a more detailed study of the financial situation that caused these changes.

The level of invested capital shows the share of the insurance organization's assets allocated to long-term and short-term investments. By fluctuations in the dynamics of the numerical values ​​of the coefficient, one can judge changes in the investment policy of the analyzed insurance organization:

Kik = (long-term + short-term financial investments) / total assets

Depending on the long-term economic strategy of the insurer, aimed at increasing financial stability and increasing the liquidity of assets, the ratio values ​​may increase or decrease, but it must be taken into account that with the expansion of insurance activities, the ratio values ​​always increase.

The level of permanent capital reflects the share of all long-term capital in the assets of the insurance organization:

Kpk = (equity + insurance reserves + long-term liabilities) / total assets

The given ratio shows the financial capabilities and reliability of the insurance organization in the long term. The coefficient values ​​are considered sufficient at the level of 90%.

Balance sheet model for assessing financial stability

The financial stability of an insurance organization can be assessed using a balance sheet model, which has the following form:

This model proposes a regrouping of balance sheet items to highlight homogeneous, in terms of repayment terms, amounts of borrowed funds.

Thus, the ratio of the cost of material working capital and the values ​​of own and borrowed sources of their formation determines the sustainability financial condition insurer. The provision of reserves and costs with sources of formation is the essence of financial stability, while solvency acts only as its external manifestation. At the same time, the degree of supply of supplies and costs is the reason for one or another degree of solvency, which acts as a consequence of security.

The most general indicator is the surplus or shortage of sources of funds for the formation of reserves and costs, obtained in the form of the difference in the value of sources of funds and the value of reserves and costs. This refers to the provision of certain types of sources (own, credit and other borrowed), since the sufficiency of the sum of all possible types of sources (including short-term accounts payable and other liabilities) is guaranteed by the identity of the totals of assets and liabilities of the balance sheet.

Financial stability ratings

To assess the financial stability of an insurance company, there is a whole system of indicators and published ratings of insurance companies.

There have long been specialized rating agencies abroad that regularly publish ratings of insurance companies and analytical reviews of their activities. World-famous rating agencies are Standard & Poor’s, Moody’s Investors, Fitch Investors, Duff & Phelps, which many policyholders and investors turn to to obtain qualified information about the activities of the insurer or reinsurer.

To assign a rating to a company, a large number of data are analyzed. The managerial experience of management, marketing strategy, company policy for selling policies, company policy for accepting risks and reinsurance, organizational and management structure, including analysis of parent and subsidiary companies, company investment policy and much more are also studied.

Literature:

1. Kurgin E.A. Insurance management. - M.: RConsult, 2005.
2. Nikulina N.N. and others. Insurance: theory and practice / N.N. Nikulina, S.V. Berezina. - M.: UNITY, 2007.
3. Zhuravlev Yu.M., Sekerzh I.G. Insurance and reinsurance (theory and practice). - M.: 2010.
4. Insurance business: Textbook / Ed. L.I. Reitman. - M.: “Finance and Statistics”, 2009.
5. Shakhov V.V. Insurance: Textbook. - M.: UNITY, 2009.
6. Shchiborshch K. Financial analysis of the activities of an insurance organization // Financial business. - 2009. - № 10.
7. Yuldashev R.T., Tronin Yu.N. Russian insurance: system analysis of concepts and methodology of financial management. - M.: Ankil, 2009.

PRACTICE REPORT

Assessment of solvency and financial stability of an enterprise using the example of OJSC "RESO-Garantia"

1. General characteristics of the company JSC "RESO-Garantia"

2. Analysis of the solvency and financial stability of the company

3. Main conclusions about the company's performance for the period 2008-2Q. 2010

Open insurance joint-stock company "RESO-Garantiya" was founded on November 18, 1991. This is a universal insurance company with licenses from the Federal Insurance Supervision Service C No. 1209 77 for 104 types of insurance and P No. 1209 77 for reinsurance. Life insurance license - C No. 4008 77 dated March 13, 2007 - issued to the subsidiary company OSZh RESO-Garantia LLC.

RESO-GARANTIA occupies a leading position in the Russian insurance market, is one of the leading domestic players in the insurance industry in terms of the volume of premiums collected, and is one of the leaders in the field of retail insurance. At the same time, the priority areas are car insurance (both CASCO and OSAGO), voluntary health insurance, as well as property insurance for individuals and legal entities. RESO-Garantiya also provides services in accident insurance, mortgage insurance, travel and other types of insurance.

According to the Federal Insurance Supervision Service, at the end of 2009, RESO-Garantiya Insurance Company took 4th place in insurance premium collections. For success in work and high quality of customer service, the company has been awarded a number of high awards and prizes. In particular, the “Financial Olympus” prize and the annual prize awarded by the magazine “Finance”. At the end of 2009, the company received for the second time the prestigious title “People’s Brand/Brand No. 1 in Russia” (analogous to the Soviet “Quality Mark”).

RESO-Garantiya IJSC has the highest reliability rating possible for domestic companies today, A++, from the Expert RA rating agency, which corresponds to an “exceptionally high level of reliability.” In addition, at the beginning of 2009, the National Rating Agency (NRA), which a year earlier assigned an individual reliability rating of “AAA” - the maximum level of reliability,” confirmed the company’s previous high rating (see Appendix 1)

In 2009, RESO-Garantiya Insurance Company took 157th place in the most authoritative domestic ranking list of the largest Russian companies, Expert-400.

The professionalism of the employees of RESO-Garantia Insurance Company is recognized by the entire insurance community of Russia: the company is an active member of the majority of professional insurance associations in the country, including the All-Russian Union of Insurers and the Russian Union of Auto Insurers. The company became one of the Russian companies that received the right to issue Russian Green Card policies.

The company was registered by the Moscow Registration Chamber on September 22, 1993 under No. 005.537. TIN 7710045520. Entered into a single State Register legal entities number 1027700042413 July 19, 2002.

The company has one of the most developed agent networks, where over 20,000 insurance agents work. The focus on improving and expanding the agent sales channel is the company’s advantage and difference from most domestic insurers. Even during the economic crisis, the retail channel for promoting insurance services maintains stable (and in many cases growing) collection volumes.

All RESO agents are certified in accordance with strict internal rules and standards for the provision of insurance services, undergo annual recertification in agencies and branches, in addition, the company has an effective system distance learning and testing of insurance representatives of the society.

The developed system of branches makes RESO-Garantiya Insurance Company a company of national scale. Today, the federal network already includes more than 800 sales offices in all regions of the Russian Federation. In addition, insurance policies of RESO-Garantiya Insurance Company are sold by several dozen brokerage companies. The company's clients include about 5.4 million corporate and retail clients.

The company is actively present not only in metropolitan cities, but also in the provinces, making significant investments in the development of branches in all the most promising from the point of view economic potential and opportunities for insurance activities in the regions of the Russian Federation. During 2009, the company opened special program“Development” of more than 170 new selling structures with established teams of insurers. By creating an agent network, branches of RESO-Garantia Insurance Company ensure the provision of reliable and modern insurance and service services to any categories of policyholders in accordance with the standards and advanced technologies sales available to the company.

The priority areas in the work of most branches are insurance of motor vehicles, medium and small businesses, life, health and property of citizens. All branches and divisions of the company are connected by a single Corporate Information System with the ability to work in real time - online, which allows servicing clients at the highest level, ensures prompt payment of insurance claims, makes it possible to quickly make adjustments to the tariff policy and make other relevant management and business decisions. -solutions. At the same time, not only branches, agencies and other divisions, but also individual agents and brokers have the opportunity for confidential and secure remote access from personal computers to corporate system in the "Modern Agent" program.

The quality of insurance protection is ensured not only by significant equity capital and many years of insurance experience, but also by reinsurance protection in such large and world-famous reinsurance companies as Munich Re, Swiss Re, SCOR, Hannover Re, AXA, Lloid’s syndicates.

In 2009, the company retained the main development features inherent in it over all recent years: balance and high degree diversification of the insurance portfolio - both in terms of industry structure and geographic distribution of risks, focus exclusively on classic types of insurance, highly professional underwriting, priority attention to reinsurance protection of the portfolio, as well as monitoring compliance with regulatory indicators.

The federal status of the RESO company - Guarantee is supported by the structure of its insurance fees and payments. Thus, in 2009, the Moscow and Moscow region representative offices of the company collected 17.3 billion rubles. insurance premiums, and distant branches (including St. Petersburg and the Leningrad region) - 13.1 billion rubles. As for insurance payments, the regions (including St. Petersburg and the region) account for 8.3 billion rubles. and 10.2 billion rubles. – in Moscow and the Moscow region.

In 2009, the company became one of the leaders in implementing the procedure for direct compensation of losses (DCL) under OSAGO in Russia, in which a victim of the actions of another participant in an accident can apply for payment to his own insurance company, and not to the company of the person responsible for the accident. During the year that this procedure was in place, the company settled 15.6 thousand claims under the PES, offering its clients a truly European level of service. In particular, the company offered its policyholders a unique opportunity to receive an insurance payment under the PES within 7 days after receiving all the necessary documents (despite the fact that the Law allows 30 days for the settlement of claims). This became possible thanks to the well-functioning and clear payment system that exists in the Company.

The high-tech 24-hour call center continues to operate, which you can contact, including by calling toll-free hotline, connecting the company with the farthest corners of the country. The center's operators provide round-the-clock, qualified assistance to the company's clients, as well as those affected by the actions of policyholders under compulsory motor liability insurance. A number of the company's sales divisions in Moscow have also been switched to round-the-clock operation: they can now receive insurance advice, issue a policy, and make the next payment under the contract at any time convenient for clients. A single claims settlement center has been created.

RESO-Garantiya IJSC has a unique actuarial base, supported by information resources. Thanks to the transition of the entire company to paperless document flow and online work, a centralized procedure for maintaining accounting and reporting of branches was introduced. The company's clients include not only tens of thousands of individuals, but also thousands of organizations. Our clients include several thousand of the largest Russian and foreign companies, enterprises and firms of various profiles. Including such leaders of the Russian economy as Goznak, Vodokanal of St. Petersburg, RKK Energia, Mosproekt-2, Wimm-Bill-Dann, Rosneft, Eldorado, Tekhnosila , "Megafon", "BeeLine", MGTS, "Rostelecom", "Intourist", "Aeromar", the Ritz Carlton Hotel, "Kaspersky Lab", "Word Class", "Protek", the pharmacy chain "36.6", " Alfa Bank", "UniCredit Bank", "Bank Zenit", "Bank of Moscow", "MDM Bank", banking group "NORDEA", "First Czech-Russian Bank", MICEX, "Karo-film", ITAR-TASS, "Russia Today" TV channel, "Kommersant" Publishing House, "Za Rulem" Publishing House, NTV, "AFI Development" Holding, "TransCreditLeasing", "Euroservice", "Mistral Tracing", "Sakhalinugol", "Rusengineering", "Panavto", "Genser", "CentroInstrument", "Petelinskaya Poultry Farm", Trade company AIC "Cherkizovsky", "SPAR RETAIL", "Polineftekhim", "Avtovaz", Russian representative offices of "Kraft Foods", "Xerox", "Red Bull", "Kelly Services", "Mitsubishi Electric", "Otis", "Samsung" ", "Volkswagen", "Ford", "Mazda", "Toyota", "Jaguar", "Land Rover", "Volvo", "Rolf", "Michelin", BBDO, "Sharing Plow", WWF and others.

The company plans to continue to concentrate its efforts on developing the insurance business in Russia, primarily focusing on the retail segment of the market. Plans to strengthen its presence in the market, including regional ones, and offer a wide range of insurance products, such as auto insurance (MTPL, CASCO, voluntary auto insurance civil liability, insurance of additional unforeseen expenses on the road - the "RESOauto-Help" policy), medical insurance (the company became one of the pioneers in providing voluntary medical insurance services to individuals not only in Moscow, but also in St. Petersburg and Nizhny Novgorod, in 2009 the company opened her own specialized children's clinic "RESO-children" in Moscow), property insurance.

RESO-Garantiya Insurance Company carries out its sales through a wide agent network, which allows it to maintain an active client base and control the quality of the services provided by the company.

Insurance and investment activities will remain sources of future income. Continued financial crisis may have some impact on the company's results of operations in 2010. Most likely, consumer demand for some insurance services will not recover to pre-crisis levels: in particular, this concerns the volume of bank lending, which is traditionally accompanied by collateral insurance, as well as the volume of sales of new vehicles by car dealers. All this cannot but affect the volume of sales of insurance services. However, these negative processes are largely offset by the concentration of the insurance market. The resilience of the agent sales channel to the crisis also plays a significant positive role. In addition, when budgeting its expenses for 2010, the company achieved a significant reduction in them. The set of anti-crisis measures taken will allow the company to overcome the negative consequences of the crisis as effectively as possible. (see Appendix 2) The Company's shareholder register contains nominee holders representing the interests of major shareholders - the Company with limited liability"Deutsche Bank" - participation share 93.256 percent, Closed joint stock company commercial Bank Citibank - participation share 6.315 percent, Federal Agency for Federal Property Management - participation share 0.001 percent. The issuer's main competitors in the retail segment are the Open Joint Stock Company "Russian State Insurance Company" (Rosgosstrakh), the Open Joint Stock Company "Ingostrakh" and the Open Joint Stock Company "Russian People's Insurance Company "ROSNO" and OJSC "SOGAZ".

Analysis of solvency and financial situation issuer based economic analysis dynamics of indicators is presented in table 1.

Table 1

Indicator name
Issuer's net asset value
Ratio of the amount of raised funds to capital and reserves, %
Ratio of the amount of short-term liabilities to capital and reserves, %
Coverage of debt service payments, %
Overdue debt level, %
Accounts receivable turnover, times
Share of dividends in profit, %
Labor productivity, thousand rubles/person
Depreciation to revenue, %

Indicators of solvency and financial position of the company RESO - Guarantee for the period 2008-2 quarter. 2010

Calculations were made according to the financial statements for the relevant periods, as a result, the amount of funds raised is determined by the formula (line 690 of Form No. 1 – insurer under OKUD – (line 660 of Form No. 1 – insurer under OKUD + line 665 of Form No. 1 – insurer under OKUD + line 670 of Form No. 1 – insurer under OKUD + line 675 of Form No. 1 – insurer under OKUD).

The amount of short-term liabilities is determined by the formula (line 690 of Form No. 1 – insurer under OKUD – (line 610 of Form No. 1 – insurer under OKUD + line 615 of Form No. 1 – insurer under OKUD + line 620 of Form No. 1 – insurer under OKUD + line 660 Forms No. 1 – insurer under OKUD + line 665 Forms No. 1 – insurer under OKUD + line 670 Forms No. 1 – insurer under OKUD + line 675 Forms No. 1 – insurer under OKUD).

Revenue is determined by the formula (line 011 of Form No. 2 – insurer under OKUD + line 081 of Form No. 2 – insurer under OKUD).

Net assets in 2009 compared to 2008 increased by more than 1.2 times, this fact is due to an increase in net profit and additional capital.

The correspondence of the indicators “ratio of the amount of raised funds to capital and reserves” and “ratio of the amount of short-term liabilities to capital and reserves” is explained by the company’s lack of long-term liabilities (except for deferred tax liabilities). Accounts payable is formed as a result of operating activities, therefore the activities of RESO - Guarantees do not depend on bank loans and other sources of financial debt.

The bulk of the obligations to be repaid are obligations to insurance agents and reinsurance organizations. In this regard, the values ​​of the indicator “coverage of debt service payments” are normal for insurance organizations. The absence of overdue debt confirms the company's ability to timely fulfill its obligations.

Accounts receivable turnover shows stable level business activity enterprises with a growth trend. The bulk of accounts receivable consists of accounts receivable from insurance agents and reinsurance organizations. This indicator balances the indicators characterizing the obligations of the RESO - Garantiya company.

The annual general meeting of shareholders decided to pay dividends on ordinary registered shares IJSC "RESO - Garantiya" at the end of 2008 in the amount of 13 rubles per share, the total amount of dividends accrued on shares of IJSC "RESO - Garantiya" is 403,000,000 rubles. During the periods 2009–2010, no dividends were paid.

Table 2 shows the main indicators characterizing the profit and loss of the enterprise.

Table 2. Profits and losses of the RESO enterprise - Guarantee

Indicator name
Gross profit
Net profit (retained profit (uncovered loss)
Return on equity, %
Return on assets, %
Net profitability ratio, %
Product (sales) profitability, %
Capital turnover
Amount of uncovered loss as of the reporting date
The ratio of uncovered loss at the reporting date and balance sheet currency

An economic analysis of the issuer’s profitability/loss ratio based on the dynamics of the above indicators allows us to draw the following conclusions:

The share of individual types of insurance in the overall portfolio of insurance services has not changed much, with the exception of life insurance. This is mainly due to the fact that, in accordance with the Law “On the Organization of Insurance Business in Russia”, strict specialization of insurance organizations is being introduced from 01/01/2007. The largest share continues to be attributed to property types insurance and compulsory insurance of vehicle owners.

Increasing competition among large companies leads to the creation of new insurance products and stimulates the main market participants to reduce costs and improve the quality of management.

When carrying out insurance activities, the main cost item is the payment of insurance compensation. Since a significant part of the portfolio is concentrated in the segment of automobile and voluntary medical insurance, the growth of insurance compensation payments is subject, in particular, to the factor of price inflation for auto repair work and services medical institutions. The increase in the cost of these works and services is taken into account in the company's tariff policy.

The total volume of insurance payments for 2009 amounted to 18,686,371 thousand rubles, which is 2,963,371 thousand rubles more than the level of 2008. The largest share in the total volume of insurance payments falls on property insurance and compulsory insurance. To overcome the main factors that negatively affect the company’s activities, the following are used: methods for assessing statistical data, reinsurance, restrictions on the amount and number of insurance contracts concluded, procedures for approving transactions, pricing strategies and constant monitoring of the emergence of new risks.

In pursuance of the Reinsurance Strategy, RESO - Garantiya uses facultative reinsurance and excess of loss reinsurance in order to reduce insurance payments under each contract. The company constantly monitors the financial stability of reinsurers and periodically updates its reinsurance agreements. Takes appropriate measures to ensure that seasonal increases in benefit levels (e.g. different types contracts relating to vehicle insurance and liability to third parties in connection with the onset of the winter months with their difficult weather conditions) did not cause significant damage.

To determine the liquidity and solvency of the enterprise, let us turn to the main indicators that reflect this dynamics (Table 3)

Table 3. Liquidity of capital of the company RESO - Guarantee.

Based on the above indicators, here are the main conclusions about the state of the company:

1) Coefficient current liquidity shows the extent to which current assets cover current liabilities and provides an overall assessment of liquidity. In other words, it shows how many rubles of working capital ( current assets) accounts for one ruble of current short-term debt (current liabilities).

2) The excess of current assets over short-term financial liabilities provides a reserve stock to compensate for losses that an enterprise may incur when placing and liquidating all current assets, except cash. The larger the value of this reserve, the greater the confidence of creditors that debts will be repaid. A coefficient > 2 usually satisfies.

In its semantic meaning, the quick liquidity indicator is similar to the current liquidity ratio, however, it is calculated for a narrower range of current assets, when production inventories are excluded from the calculation, as the less liquid part of current assets. A ratio of 0.6-1 is usually satisfactory. However, it may be insufficient if a large share of liquid funds is accounts receivable, part of which is difficult to collect in a timely manner. In such cases, a larger ratio is required. If cash and cash equivalents occupy a significant share of current assets ( securities), then this ratio may be smaller.

3) The correspondence of the current and quick liquidity ratios indicates the predominance of liquid assets in the issuer’s current assets, which indicates the issuer’s ability to cover its obligations in a short time.

Fluctuations in liquidity ratios are due to significant changes in the volume of current assets.

In 2009, the growth of investments as part of current assets led to an increase in liquidity ratios.

The dynamics of the given indicators of liquidity and solvency of the company indicate the ability to fulfill short-term obligations and cover current operating expenses.

In order to manage liquidity risk within the framework of the general risk management policy, the company has an established limit on a credit line in one of the Russian banks as a reserve source of working capital. There are currently no significant factors that could lead to changes in the policy of financing working capital; the receipt of insurance premiums at the moment significantly exceeds the company's needs for cash to carry out current activities. (Table 4)

Table 4. Structure and size of the issuer's working capital in accordance with the financial statements.

The RESO – Guarantee company does not use borrowed sources to finance working capital. The main sources of financing for current activities are cash receipts from the insurance premium collected by the issuer.

solvency financial stability joint stock company

Over the past 2009, the volume of premiums has decreased. The share of insurance types in the overall portfolio of insurance services has remained virtually unchanged. The share of compulsory insurance in the total volume of signed contributions has increased significantly compared to last year. In accordance with the Law “On the Organization of Insurance Business in Russia”, strict specialization of insurance organizations was introduced from 01/01/2007, which affected the results of activities in the field of life insurance.

The largest share continues to be attributed to property types of insurance and compulsory insurance of vehicle owners. A significant decrease in the collection of premiums in the reporting period compared to 2008 was due to property types of insurance. At the same time, there is a significant increase in compulsory insurance of vehicle owners by 27 points compared to last year.

When carrying out insurance activities, the main cost item is the payment of insurance compensation. Since a significant part of the portfolio is concentrated in the segment of automobile and voluntary medical insurance, the growth of insurance compensation payments is subject, in particular, to the factor of price inflation for auto repair work and services of medical institutions.

The total volume of insurance payments in 2009 amounted to 18,686 million rubles. which is 6878 million rubles more than last year. Mainly due to an increase in payments for property insurance, including for the property of citizens by 1865 million rubles. and personal (health insurance) for 551,216 thousand rubles. In accordance with the concluded agreement on direct compensation for losses (Order of the Ministry of Finance of the Russian Federation dated January 23, 2009 No. 6n), for 2009 the total amount of payments to victims for claims for compensation amounted to 220,469.1 thousand rubles.

In accordance with the Accounting Regulations “Accounting Policy of the Organization (PBU1/2008), approved by Order of the Ministry of Finance of the Russian Federation dated October 6, 2008 No. 106n, accounting policy companies. Accounting policy it is stipulated that direct insurance transactions are reflected in accounting using the accrual method. Accounting for reinsurance transactions is based on the accrual method in accordance with concluded reinsurance agreements.

Recognition of income using the accrual method, as well as the stipulated installment plans for payment of insurance premiums in accordance with the Insurance Rules, leads to the formation of receivables for insurance operations. For 2009, it amounted to 5,060,027 thousand rubles. of which the debt of policyholders is 5,044,444 thousand rubles. and the debt of agents and brokers is 15,583 thousand rubles. Mainly under contracts property insurance large enterprises and organizations. Thus, receivables under transport insurance contracts amounted to 3081 million rubles at the end of 2009, for enterprise property insurance - 930.7 million rubles, under personal insurance contracts - 1182 million rubles, for liability insurance - 50.2 million .rub.

The specified debt amounts to 13.6 percent of the balance sheet currency and 20.2 percent of the total amount of formed insurance reserves.

Accounts receivable for reinsurance operations amounted to 295,462 thousand rubles at the end of the reporting period. Their debt of reinsurers for payments amounts to 85,317 thousand rubles, including 29,535 thousand rubles. is the debt of SK Arkada LLC, which will be repaid during 2010.

Other receivables include balances on accounting accounts 60 (advances issued), 68 (settlements with the budget), 73 (settlements with personnel for other operations) and 76 (settlements with various debtors and creditors). Under the article, advances issued reflected the amount of advances issued to medical organizations for the provision of medical services in accordance with the conditions stipulated by contracts for the provision of medical and preventive care. At the end of the reporting period, this debt amounted to 487.0 million rubles. and service stations for repairs of insured vehicles - 181 million rubles.

Other receivables at the end of the reporting period amounted to 2,430,280 thousand rubles, including receivables for which payments are expected more than 12 months after the reporting date - 344,877 thousand rubles. This debt includes personnel debt for other operations in the amount of 233886.7 thousand rubles, mainly provided interest-bearing loans employees of the company for a period of 1 to 10 years, debt arising as a result of fraud and shortages - 81634.8 thousand rubles, as well as overdue debt in the amount of 47253.3 thousand rubles, which includes bank debt on deposits, in as a result of the revocation of the license to carry out banking operations - 39,903 thousand rubles, counterparties for paid works and services and unfulfilled ones - 4,074 thousand rubles, insurance representatives for insurance premiums - 3,276.3 thousand rubles. The debt as a result of fraud arose in particular as a result of fictitious payments, their amount amounted to 18,132 thousand rubles, theft of bills - in the amount of 19,963 thousand rubles, dishonesty of insurance representatives, theft - in the amount of 43,539 thousand rubles.

Accounts receivable, payments for which are expected within 12 months after the reporting date, include settlement debts of other organizations, which are caused by the fact that payments under contracts have been made, but work and services have not yet been completed or goods have not been received - 61,579 thousand rubles. , settlements on financial investments - 451589.1 thousand rubles, debt on settlements for direct compensation of losses with the insurers of the harm-cauter - 37228.2 thousand rubles. overpayment of payments to the budget and off-budget funds– 342,087 thousand rubles. The overpayment of taxes was mainly due to the existing overpayment of income tax on advance payments previously accrued. The total amount of this debt amounted to 2,085,403 thousand rubles at the end of the reporting period. and reflected on page 200 of form No. 1.

Fixed assets include buildings, equipment, vehicles, business equipment and other valuables necessary for the business functioning of the Company. 87.22 percent of total fixed assets are buildings and equipment and structures. During the reporting period, real estate assets worth 69.5 million rubles were put into operation. , which amounted to 2970.8 million rubles at the end of 2009. Fixed assets are of a production nature and are fully used in the process of providing insurance services and bring economic benefits to the company. Some office space is rented out to other organizations under lease agreements and generate income. The area leased out is reflected in the balance sheet as an investment at the end of 2009, this figure amounted to 559,788 thousand rubles. which corresponds to 13734.1 sq.m.

The value of fixed assets increased by 1.08 times at the end of the reporting period compared to the balance of fixed assets at the beginning of the year. Behind reporting period new office premises were introduced to house the company's branches on the territory of the Russian Federation with a total area of ​​775.5 sq.m. in the cities of Dmitrov, Cheboksary, Kolchugino, Chelyabinsk, Yaroslavl, computer equipment was updated, vehicles necessary for production purposes and to increase sales were purchased. The change in the value of fixed assets as a result of completion, reconstruction and modernization amounted to 169,867 thousand rubles. These are mainly the costs of reconstructing office premises in Moscow on Nagorny Proezd. In 2010, new real estate objects will be introduced in the cities where the company's branches are located, namely in the city. Omsk, Orekho-Zuevo, Samara, Elektrostal, Surgut for a total area of ​​2249 sq.m. worth 197.5 million rubles.

Appendix 1. Insurance payments by the company in accordance with the gradation of types of insurance

Type of insurance provided in accordance with the annex to the license
Accident insurance
Medical insurance of citizens
Vehicle insurance
Aircraft insurance
Ship insurance
Cargo insurance
Insurance of property of legal entities and individuals against fire and other dangers
Construction and installation insurance
Animal insurance
Insurance financial risks
Civil liability insurance for car owners
Insurance of liability to third parties during construction and installation works
Civil liability insurance of air carriers for air transportation on international airlines
Insurance of expenses of citizens traveling abroad
Accident insurance (for children) - special conditions
Compulsory insurance passengers transported by road
Civil liability insurance for tour operators and travel agents
Insurance for loss of property as a result of termination of ownership
Space risk insurance
Insurance against the risk of event failure
Insurance of medical expenses for persons entering the CIS and the Russian Federation
Civil liability insurance for aircraft owners and air carriers
Professional liability insurance for doctors and other medical workers
Professional liability insurance for notaries
Professional liability insurance for auditors
Airport liability insurance
Shipowners liability insurance
Appraisers' liability insurance
Builders liability insurance
Liability insurance for bank employees
Customs carrier liability insurance
Civil liability insurance for registrars and depositories
Comprehensive mortgage insurance
Insurance for life-threatening diseases
Accident and illness insurance
Insurance of risks associated with use plastic cards
Comprehensive insurance banks
Insurance of plastic card issuers
Insurance of non-fulfillment of contractual obligations
Business interruption insurance
Insurance for expenses incurred as a result of cancellation of a trip abroad or changes in the duration of stay abroad
Insurance of export-import loans
Comprehensive insurance of risks associated with e-commerce
Architects' liability insurance
Civil liability insurance for pharmacists
Mandatory state insurance life and health of military personnel, citizens called up for military training, private and commanding officers of the internal affairs bodies of the Russian Federation, the State Fire Service, bodies for control of the circulation of narcotic drugs and psychotropic substances, employees of institutions and bodies of the penal system and employees of federal bodies tax police
Compulsory civil liability insurance for vehicle owners
Voluntary insurance of individuals against the risk of radiation exposure
Railway transport insurance
Forest fund insurance
Agricultural crop insurance
Post-launch warranty insurance
Collateral insurance medicines when providing outpatient care
Agricultural crop insurance with state support
Insurance of property of legal entities against fire and other dangers
Drilling insurance
Insurance of gas, oil and petroleum product pipelines
Civil liability insurance for road carriers and forwarders
Civil liability insurance for enterprises that are sources of increased danger
Professional liability insurance for realtors
Product manufacturer's civil liability insurance
Civil liability insurance
Insurance of civil liability of organizations to visitors
Insurance of civil liability of organizations operating hazardous production facilities for damage to life, health or property of third parties and the environment as a result of an accident at a hazardous production facility.
Mandatory personal insurance passengers of railway, air, sea, inland water transport
Rental insurance non-residential stock Moscow
Insurance of medical expenses for persons traveling within the Russian Federation
Civil liability insurance of operating organizations and owners hydraulic structures for causing harm to the life, health and property of others
Personal liability insurance
Customs broker liability insurance
Transport terminal operator liability insurance
Liability insurance for lawyers and attorneys
Civil liability insurance for the organization that owns and guarantees ATA carnets
Insurance of civil liability to third parties when transporting radioactive substances, nuclear materials, products based on them and their waste
Liability insurance for manufacturers, sellers and performers for damage caused by violation of sanitary and epidemiological standards
Civil liability insurance of operating organizations - nuclear energy facilities
Insurance of machines and mechanisms against breakdowns (accidents)
Insurance within international system insurance of civil liability of vehicle owners "Green Card"
Insurance of civil liability to third parties when transporting radioactive substances, nuclear materials, products based on them and their waste
Compulsory civil liability insurance for vehicle owners
Cargo insurance

Appendix 2. Company insurance reserves

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Course work

on the topic: “Financial stability of an insurance company”

Introduction

1. Concept and guarantees of financial stability and solvency of an insurance company

2. Analysis of the financial stability of an insurance company using the example of RESO-Garantiya Insurance Company

3. Measures to strengthen the financial stability of the insurance organization

Conclusion

List of sources used

Appendix A - Structure investment portfolio"RESO-Garantiya"

Appendix B - Horizontal analysis of assets of RESO-Garantiya Insurance Company

Appendix B - Capital Adequacy Analysis

Appendix D - Analysis of the effectiveness of RESO-Garantiya's activities

Appendix E - Indicators characterizing business activity

Appendix E - Analysis of investment activities of "RESO-Garantia"

Appendix G - Calculation of other performance indicators of "RESO-Garantia"

Appendix 3 - Standard values ​​of indicators

insurance property condition financial stability

Introduction

The purpose of this work is to consider the concept of financial stability of an insurance company: revealing the essence of the phenomenon, influencing factors and the possibilities of managing them, as well as methods for monitoring the solvency and financial stability of the insurer. The insurance market is an important area of ​​the country's financial and credit system. The specifics of the insurance business and its socio-economic importance require increased attention to the organization of the work of insurers, their stability and solvency, and the ability to meet their obligations. This problem is especially acute in times of crisis.

The first chapter examines factors affecting the financial stability of an insurance company, as well as guarantees of its solvency, taking into account the requirements of Russian legislation.

The second chapter provides an example of an analysis of the financial stability of an insurance company, explains the significance of the indicators and their interpretation, and draws general conclusions about the state of RESO-Garantia Insurance Company.

The third chapter examines the possibilities of influencing the financial performance of an insurance company, and proposes measures to improve and improve their activities.

The appendices provide a methodology for calculating indicators of the financial stability of an insurance organization based on reporting: balance sheet (form 1) and profit and loss statement (form 2).

When writing the work, textbooks and legal documents of the Russian Federation were used as sources of theoretical knowledge. To determine the methodology for assessing the financial stability of insurers, scientific research publications and Internet resources were used.

1 . The concept and guarantees of financial stability and paymentOinsurance company properties

The insurance business differs in many ways from other types of business activities. First of all, this is a high responsibility that lies with the insurer: because of one mistake by a manager, because of one incorrectly calculated step, not only will the activities of the insurer be jeopardized, but also damage will be caused to a large circle of policyholders. Meanwhile insurance activity is aimed at protecting the property interests of individuals and legal entities upon the occurrence of certain events at the expense of monetary funds formed from insurance premiums paid by policyholders. Thus, the financial collapse of the insurer affects the interests of a significant number of persons.

In order to prevent insolvency and bankruptcy of insurance companies, it is necessary to identify at an early stage insurers whose financial condition causes concern.

In insurance activities, the financial mechanism is a mechanism for solving complex, usually unstructured problems with a high degree of uncertainty.

The financial stability of the insurer is the preservation of the optimal qualitative and quantitative state of assets and liabilities, allowing the insurance organization to ensure the uninterrupted implementation of its activities and its development. This stability is manifested in the constant balance or excess of the insurer's income over its expenses.

In practice, it is customary to distinguish between financial stability and liquidity. Financial stability is defined as the potential (balance sheet) ability of a company to pay off its obligations and is associated with an analysis of the structure of the company’s sources of funds. Liquidity (solvency) is the ability to cover assumed obligations with assets in a specific period of time.

Factors influencing the financial stability of the insurer can be divided into two groups - external and internal. External factors do not depend on the efficiency of the insurance company; these include economic, political factors, and the legislative framework.

Among internal factors factors affecting the financial condition of the insurance company can be identified as follows:

Policy in the field of setting tariff rates;

Adequacy of insurance reserves in relation to accepted obligations under insurance contracts (otherwise losses and loss of solvency are possible);

Liquidity of own funds, placed mainly in real estate, and sufficient authorized capital;

Efficiency investment policy, excluding the withdrawal from profitable turnover or loss of part of the insurance reserves and equity capital;

A balanced insurance portfolio that combines increased risks (up to certain losses) with modern insurance products.

The policy in the area of ​​setting tariff rates is to ensure that the amount of insurance tariffs corresponds to the degree of insurance risk under the contract being concluded. The amount of income of an insurance organization largely depends on the size of insurance tariffs. If the insurer, in order to attract policyholders, regularly underestimates the size of tariff rates, this will lead to the fact that the amount of collected insurance premiums will be lower than the amount of insurance payments that the insurer will need to make in connection with insured events, which will entail losses from the implementation of insurance activities . On the other hand, if the tariff rates are too high, the insurer may lose some of its clients who will insure themselves with other insurance organizations.

Financial management in an insurance organization plays a special role in making decisions on organizing the structure of financial turnover, while minimizing all risks of the insurer's activities. Its task is to ensure the stability of the financial position of the insurance organization, to develop measures to effective management financial flows of the insurer. This is done through the use of financial analysis as the basis for optimizing the activities of an insurance organization. Its main financial indicators are:

Gross income (receipts from insurance and non-insurance activities);

Expenses (insurance payments and general business expenses);

Financial results (profit or loss);

Profitability.

An insurance organization may have income from insurance activities, investments, risk management, consultations, personnel training, rental of property, profit from the sale of fixed assets, material assets and other assets. Income from insurance operations is generated on the basis of insurance payments. They include:

Insurance premiums;

Amounts of reduction of insurance reserves;

Rewards and bonuses under coinsurance and reinsurance agreements;

Amounts of compensation by reinsurers for the share of insurance payments for risks transferred to reinsurance;

Amounts of interest on depot premiums for risks accepted for reinsurance;

Remunerations for the provision of services of an insurance agent, broker and other income received in the implementation of insurance activities.

Income from investment activities of insurance companies is divided into income received from the placement of insurance reserves, and income received from investing funds from reserves for compulsory insurance.

The insurer's expenses are formed in the process of distribution of the insurance fund. The composition and structure of expenses are determined by two interrelated economic processes: repayment of obligations to policyholders and financing of the activities of an insurance organization. In connection with these insurance business The following classification of expenses has been adopted:

Expenses for payment of insurance compensation;

Contributions to reserves;

Costs of running a business: organizational, acquisition, collection, liquidation, management.

Organizational expenses are associated with the establishment of an insurance company. They belong to the assets of the insurer, as they are investments.

Acquisition costs are associated with attracting new policyholders and concluding new insurance contracts through the mediation of insurance agents.

Collection expenses are expenses associated with servicing the cash flow of receipt of insurance payments. These include the costs of producing forms of receipts for receipt of insurance payments and accounting registers.

Liquidation expenses are incurred after the insured event and are associated with the elimination of damage from it.

Administrative expenses include expenses for remuneration of administrative and management personnel, administrative expenses and expenses for the development of insurance.

In financial management, it is believed that in the absence of an “infusion” of funds, a corporation may become bankrupt if the profitability of its operations is below the profitability threshold. That is, an insurance company can afford to competitively reduce the insurance premium as much (cross the threshold of profitability for insurance operations) as much as real profits for other types of activities allow it to do so.

According to Art. 25 of the Law of the Russian Federation dated November 27, 1992 No. 4015-1 (as amended on November 29, 2007) “On the organization of insurance business in the Russian Federation” guarantees for ensuring the financial stability of the insurer are:

Economically justified insurance rates;

Insurance reserves sufficient to fulfill obligations under insurance, co-insurance, reinsurance, mutual insurance;

Own funds;

Insurance reserves are a set of funds for a specific purpose, formed from insurance premiums received by the insurer and used by it to cover the insurance obligations assumed. Insurance reserves are formed by the insurer for each type of insurance and in the currency in which the insurance is carried out. An insurance organization calculates the size of insurance reserves when determining financial results from insurance activities as of each reporting date. The insurer creates the following reserves:

1 insurance reserves for types of insurance other than life insurance, which include:

Unearned premium reserve (UPR);

Reserve for declared but unresolved losses (RLU);

Reserve for occurred but unreported losses (IBNR);

Stabilization reserve (SR);

Reserve for compensation of expenses for insurance payments and direct compensation of losses under compulsory civil liability insurance of vehicle owners in subsequent periods;

Other insurance reserves.

2 life insurance reserve.

The unearned premium reserve represents the base insurance premium received under insurance contracts in force during the reporting period and relating to the period of validity of the insurance contract that extends beyond the reporting period. To calculate the RNI, types of insurance activities are divided into three accounting groups, each with its own calculation option.

The reserve for declared but unresolved losses is formed by the insurer to ensure the fulfillment of its obligations under insurance contracts that arose in connection with insured events that occurred before the reporting date and the occurrence of which was notified to the insurance organization before the end of the reporting period, but insurance payments for which are still pending. reporting date were not made.

The reserve for occurred but unreported losses is intended to ensure that the insurer fulfills its obligations under insurance contracts that arose in connection with insured events that occurred during the reporting period, the occurrence of which was not declared to the insurance organization in the manner prescribed by law or the insurance contract on the reporting date.

The stabilization reserve is an assessment of the insurer's obligations related to the implementation of future insurance payments in the event of a negative financial result from insurance operations as a result of factors beyond the will of the insurer, or in the event of an excess of the loss ratio above its average value.

The coefficient of incurred losses is calculated as the ratio of the amount of insurance payments made in the reporting period for insured events that occurred during this period, the reserve for declared but unresolved losses and the reserve for occurred but unreported losses calculated for losses that occurred in this reporting period to the amount of earned insurance bonuses for the same period.

The stabilization reserve for compulsory civil liability insurance of vehicle owners is formed to compensate the insurer's expenses for making insurance payments and direct compensation for losses in subsequent periods when implementing compulsory civil liability insurance for vehicle owners. It is an assessment of the insurer's obligations related to the implementation of future insurance payments in the event of a negative financial result from the implementation of compulsory civil liability insurance of vehicle owners as a result of factors beyond the will of the insurer.

The optimality of insurance reserves is understood as the adequacy of their structure and size to the obligations assumed by the insurer under insurance contracts. Insurance reserves should be assessed in terms of their adequacy based on the nature of the operations carried out by the insurer. At the same time, establishing any standards is quite problematic. Although, if a number of insurance organizations carry out similar insurance operations and the volumes of these operations are comparable, then the size of the insurance reserves they form should be comparable, which means we can talk about the possibility of establishing uniform criteria. As for companies involved in insuring rare risks, it is unlikely that any indicator can be introduced here. The insurer's own funds include: authorized capital, additional capital, reserve capital, retained earnings. They are formed from contributions from the founders and from profits received as a result of the activities of the insurer. According to the legislation of the Russian Federation minimum size The authorized capital of the insurer is determined on the basis of the basic size of its authorized capital, equal to 30 million rubles, and coefficients from 1 to 4, depending on the specialization of the insurance company.

To ensure their solvency, insurers are required to comply with the normative ratio established by the insurance supervisory body between assets and insurance liabilities assumed by them (normative solvency margin). Insurers are required to calculate the solvency margin quarterly.

Insurers who have accepted obligations in volumes exceeding the ability to fulfill them at the expense of their own funds and insurance reserves can insure the risk of fulfilling the corresponding obligations with reinsurers.

The presence of sufficient equity capital is an additional measure designed to ensure the insurer's ability to meet its obligations. The formation of insurance reserves alone does not fully ensure the financial stability of the insurer for the following reasons:

Technical reserves may turn out to be insufficient due to subjective reasons (insufficient qualifications of personnel, weak information base, costs in organizing accounting, deliberate underestimation of them in order to maximize profits) and due to objective circumstances (general deterioration of the situation in the insurance market, manifestation of negative from the point of view of unprofitability factors);

Tariff rates may not be adequate to the obligations assumed;

The real value of insurance reserves may be much lower than the value shown in the balance sheet due to a decrease in the value of assets covering insurance reserves;

The insurer may need to expand the range of its operations. The obligations arising in this case cannot initially be covered by insurance reserves, so their function at this time is performed by free reserves.

Investment activity is another source of profit for insurance organizations, which in some cases even compensates for the losses that insurers may have from directly carrying out insurance activities. The risks associated with these operations force insurers to pursue a fairly cautious investment policy. The main requirements that it must meet are reliability and profitability. The principles that insurers must follow when carrying out investment activities are diversification, repayment, profitability and liquidity.

The principle of repayment implies the most reliable placement of assets, ensuring their return in full. The principle of liquidity implies that the overall structure of investments should be such that liquid funds or capital investments are available at any time and can be easily converted into them. According to the principle of diversification, the predominance of any type of investment over others should not be allowed. The principle of investment return states: assets should be placed while ensuring the named principles, taking into account the situation on the investment market, and at the same time bring a constant and sufficiently high income.

Of fundamental importance when carrying out investment activities is the assessment of the risk of loss of funds due to the insolvency of organizations in which insurers' funds are invested. The types of assets into which insurance reserves can be placed are established by Order of the Ministry of Finance of the Russian Federation No. 100-“On approval of the rules for the placement of insurance reserve funds by insurers.” As a rule, the foundation of the investment portfolio of insurers consists of such long-term and liquid investments, such as real estate, which, on the one hand, have a high level of reliability and can bring significant income, but, on the other hand, their sale can be associated with significant costs . At the same time, such medium- and short-term investments with high liquidity, such as shares, government securities, funds in bank accounts, must satisfy the urgent and sudden needs of insurance organizations for funds.

The financial condition of an economic entity is a characteristic of its financial competitiveness, that is, solvency, availability, placement and use of financial resources and capital, fulfillment of obligations to the state and other economic entities. Financial condition is the result financial policy the insurer and is determined by the entire set of financial and economic factors of the insurance organization.

A sufficient amount of the insurer's own funds, or free reserves, guarantees its solvency under two circumstances - the presence of reasonable insurance reserves and the correct investment policy. In this case, it is necessary that the insurer's portfolio consist of a very large number of risks of approximately equal size, or a small number of risks commensurate with the size of the insurer's own funds, which can be achieved through the reinsurance system. Failure to comply with this condition may lead to the fact that even if one insured event occurs, the insurer will find itself bankrupt.

Since the financial stability of insurers depends on a large number of different factors, an analysis of their financial condition can only be carried out on the basis of a study of a group of indicators that allow one to get an idea of ​​the various aspects of the activities of an insurance organization.

2 . Analysis of the financial stability of an insurance companyAndat least RESO-Garantiya IJSC

Open insurance joint-stock company "RESO-Garantia" was created in 1991, has a license for 102 types of insurance services and reinsurance activities. The branch network includes more than 900 branches and sales offices in all regions of Russia. The priority areas of activity are auto insurance (CASCO and OSAGO), voluntary medical insurance, property insurance for individuals and legal entities, mortgage insurance, tourist insurance, accident insurance, etc. Life insurance is offered by the subsidiary company Life Insurance Company RESO-Garantia.

The analysis of the company's financial activities is carried out on the basis of financial statements for 2006-2009 (balance sheet and profit and loss statement). Consideration of the financial results of an organization’s activities in a given period allows us to determine its resistance to the influence of the external environment, that is, in a steadily developing economy and in times of crisis.

Figure 1 - Dynamics of financial results of RESO-Garantia

According to the statements as of December 31 of the years under review, the company completed the financial year with net profit (Figure 1). However, comparing the relative change in this indicator over the years, in 2008 there was a significant decrease (by 68%), which is logically linked to the crisis of the Russian economy, which peaked in mid-2008. However, the measures taken and the stabilization of the external environment returned the net profit indicator to the pre-crisis level, that is, as of December 31, 2007.

Table 1 shows that there is no stable profit in various areas of accounting. Thus, the results from life insurance operations were maximum in 2006, but already in the next year there was a loss. Low indicators for this species insurance coincide with the general trend in Russia, since it is not in great demand among the population. The decrease in the volume of insurance premiums was more than 40% in 2007, more than 25% in 2008 (compared to the previous years 2006 and 2007, respectively). In 2009, this figure increased by 3% compared to the previous period. However, the volume of insurance payments in 2009 increased by 113%. Continuing this trend in the future may lead to negative consequences and affect the solvency and financial stability of the company.

Table 1 - Results of activities of RESO-Garantiya OSJSC, thousand rubles.

The results from operations of other types of insurance as of December 31, 2009 were also unsatisfactory, the loss amounted to more than 500 million rubles. This is due to a 2% reduction in insurance premiums compared to previous year, while payments under insurance contracts increased by 19%, costs of conducting insurance operations - by 5.5%.

Thus, the company's financial results in 2009 turned out to be positive, largely due to the results of other expenses and income, in particular, due to income received from investment activities and other operating and non-operating income less expenses. It is obvious that the measures taken to reduce investment risks in a situation of instability in the financial market allowed the company to save funds. However, the increase in investment income by 95% in 2009 compared to the previous year is associated not only with the successful investments of the company’s specialists, but also in general with the restoration of prices and quotes in the financial market, which is typical for the period of recovery from the crisis.

An effective investment policy that meets the external conditions and interests of the company is evidenced by a structural analysis of the investment portfolio of RESO-Garantiya Insurance Company (Appendix A). The largest share is occupied by investments in debt securities of other organizations, deposits, and also, before the onset of the crisis, in shares of other companies. At the same time, the portfolio structure changes in order to ensure minimal risk while maintaining high profitability, depending on the state of the financial market. Particular attention should be paid to investments in buildings, the fluctuations of which are insignificant over four years, their share is 3-4% of the total amount.

The authorized capital of RESO-Garantiya Insurance Company exceeds the minimum established by the legislation of the Russian Federation and amounts to 3.1 billion rubles. The share of retained earnings increased from 4% in 2006 to 52% in 2009. (table 2). Its increase in 2007 by more than 1500% (Table 3) indicates the effective activity of the company in this period and the increase in concluded insurance contracts, with the exception of life insurance.

Reserve capital was formed in accordance with the standards established by Russian legislation; in 2009 it amounted to 9% of the total amount of the Company’s own funds.

Table 2 - Structure of own funds of RESO-Garantiya Insurance Company

The share of additional capital in 2008 was 9%, in 2009 - 7%. The data in Table 3 shows that in 2008 the increase in this capital item was more than 250%; in 2009 there was a slight decrease in the indicator (less than 1%). However, based on the balance sheet data, it is impossible to judge why the decrease in the volume of additional capital occurred; we can only assume that this is due to the revaluation of non-current assets.

Table 3 - Increase in equity capital of the RESO-Garantia company

A structural analysis of the balance sheet shows that most of the organization’s assets are investments, their share fluctuates around 50-60% of the total assets (Table 4). Cash in the organization's accounts at the end of the financial year during the period under study does not exceed 10%, which is acceptable for the stability of the company.

The horizontal analysis carried out (the study of each indicator for the analyzed period) revealed a decrease in the growth of investments made by the company for the entire period (Appendix B). However, the largest decrease was by 30 percentage points. in December 2009 compared to December of the previous year, was compensated by additional income on invested funds (the increase was 95%). To increase the stability of the company, the share of reinsurers in insurance reserves was increased, as evidenced by the increase in this indicator by more than 250% in 2009. Additional measures taken by the company to counteract external factors can be judged by the same increase in funds in bank accounts. For investing funds, preference was given to deposits as the most risk-free. Thus, the company maintained financial stability and solvency by increasing the share of the most liquid assets and concluding additional agreements reinsurance.

Table 4 - Asset structure of RESO-Garantiya OSJSC, in percent

	Specific gravity
Investments
Accounts receivable for insurance and co-insurance operations
Cash
Fixed assets
Other receivables for which payments are expected more than 12 months after the reporting date
Share of reinsurers in insurance reserves
Other receivables for which payments are expected within 12 months after the reporting date
Accounts receivable from reinsurance operations
Construction in progress
Other assets
Deferred tax assets

The share of fixed assets in the total assets remained unchanged for 4 years (7%), with the exception of 2007. RESO-Garantiya Insurance Company annually increases the volume of fixed assets, which is associated with the opening of new branches in the regions of Russia (Appendix B).

The amount of insurance reserves formed by the company corresponds to its obligations (Table 5). At the same time, during the crisis year of 2008, other insurance reserves, including stabilization reserves, were increased by 150%.

Table 5 - Insurance reserves of RESO-Garantiya Insurance Company, thousand rubles.

Indicator name
Life insurance reserves
Unearned premium reserve
Loss reserves
Other insurance reserves
Insurance reserves, total

Table 6 shows that the dynamics of insurance premiums collected by RESO-Garantiya Insurance Company in 2009 are somewhat different from the average indicators for the insurance market. Thus, according to the Federal Service for Insurance Supervision, the dynamics of collections for 62% of insurers based on the results of three quarters turned out to be negative. At the same time, for 80 companies the volume of collected premiums decreased by two or more times, for 10% of market participants their drop ranged from 50% to 75%. 39% of insurers reduced sales by 25% or more.

Table 6 - Dynamics of collected insurance premiums "RESO-Garantiya"

Indicator name			Change, %		Change, %		Change, %
I. Life insurance:
II. Insurance other than life insurance:
insurance premiums - net reinsurance
Volume of insurance premiums

Thus, RESO-Garantiya IJSC is quite successful, occupies a stable position in the Russian insurance market, and is quite resistant to negative changes in the external environment.

However, vertical and horizontal analysis is combined financial statements insurance company does not allow us to fully judge its stability and financial stability. Financial analysis also includes the development of a system of analytical indicators, that is, a set of interrelated parameters, and consideration of their trends. Their analysis is aimed at obtaining a detailed and comprehensive description of the financial and economic activities of the enterprise.

All indicators can be divided into two main groups depending on the direction of analysis: coefficients measuring the adequacy of equity capital, and indicators of the efficiency of the insurance company. Depending on the parameters included in the calculation, they characterize solvency, adequacy of insurance reserves, liquidity of assets and the insurer’s dependence on reinsurance. When assessing the values ​​of indicators, one should consider not only their changes over time, but also focus on the minimum established standard. The recommendations developed by CJSC VTB Bank 24, which correspond to the recommendations of the Federal Antimonopoly Service of the Russian Federation, are adopted as standards in this work.

The level of equity adequacy of an insurance company is assessed based on three indicators: the ratio of the insurance company's own funds to the amount of insurance reserves, the level of the insurance company's debt load, and the share of equity in liabilities.

The first indicator is also called the reliability coefficient (Table B.1). Insurance reserves for its calculation are taken into account without the share of reinsurers in them (net insurance reserves). The reliability coefficient reflects the level of stability of the insurer in terms of the ability to cover the company's obligations under insurance contracts at the expense of its own funds. It must be at least 0.3. As can be seen from the calculation, in RESO-Garantia Insurance Company this indicator increases every year; if in 2006 it was 0.28, then in 2009 it was 0.41, which indicates the financial strengthening of the company.

Since insurance activities are not characterized by a significant amount of borrowed funds, the level of debt burden on an insurance company should not exceed 25 percent. RESO-Garantia Insurance Company strives to reduce the volume of borrowed funds: in 2006, the debt burden was 12.9%, in 2009 - 6.12%, every year it decreases by 1-2% (Table B.2). This indicates that the insurance company carries out its activities and covers its obligations at the expense of its own funds and formed reserves.

The overall level of financial stability of an insurance organization is determined by the share of equity capital in liabilities. The minimum level according to the assessment of VTB Bank 24 is 19 percent. According to the calculation (Table B.3), the financial stability of RESO-Garantia Insurance Company is increasing, despite the crisis in the country's economy: the annual growth rate is 2-3%; in 2009, for one ruble of the company's liabilities and capital there were 26 kopecks own funds.

Analysis of the efficiency of an insurance company involves assessing the main sources of income growth of the company and includes several indicators.

The loss ratio takes into account the volume of insurance payments per 1 ruble of insurance premiums. It should be in the range from 20 to 75%. At the same time, the calculation for RESO-Garantiya Insurance Company was made both by the total volume of insurance payments and contributions, and by type of insurance (Table D.1). The company has a negative tendency to increase this indicator. If in 2007 it was 37% (a decrease of 16% compared to December 2006), then in 2008 it increased to 52%, in 2009 - to 63%. Such a trend requires an adjustment to the insurance company’s policy, otherwise there is a chance of approaching the critical value of 75% in the next 1-2 years. At the same time, for life insurance, the loss ratio increases throughout the period under review, which requires taking special measures to increase insurance premiums of this type. The indicator of the level of expenses (Table B.2) reflects the share of expenses for running a business in total revenue; it should not be more than 50%. However, the RESO-Garantia company managed to reach this limit only in 2006 and 2007 (49% and 41%, respectively). In 2008, the figure increased by 12%, in 2009 - by another 2% (that is, it amounted to 55%). This trend may be due to economic instability, which has led to the need for additional expenditures to maintain other indicators at the required level. However, the dynamics over 2 years indicate the ineffectiveness of the company's activities.

One of the main performance indicators for any enterprise is return on capital (Table E.1). For insurance companies, VTB 24 Bank has determined the value of this coefficient to be no less than 0.03. RESO-Garantiya IJSC meets this requirement, despite the decrease in profitability in 2008 and 2009. Thus, in 2007, 1 ruble of own funds accounted for 52 kopecks of profit, in 2009 - 17 kopecks. Since, according to previously calculated indicators, the volume of the company’s own funds is optimal, the volume of profit received is insufficient, and this trend is observed over the next two years.

The profitability of the insurance and financial and economic activities of the company is determined without taking into account life insurance and must be more than 0.03. However, according to the calculations made by RESO-Garantia Insurance Company, in 2006 the profitability was 0.003, in 2007 the indicator had a maximum value for 4 observed years - 0.01, but by 2009 it decreased to 0.04, approaching the minimum value (table D 2).

Thus, the business activity indicators of RESO-Garantia Insurance Company have a negative trend, which requires taking emergency measures to change the situation and return to the pre-crisis level of 2007.

The effectiveness of investment activities can be assessed through the investment ratio and the level of coverage of net insurance reserves by investment assets (Appendix E). The investment ratio shows how successful the investment investments companies. Taking into account changes in profit and income from investments, we can conclude that 2009 turned out to be the most successful - the indicator value was 0.49. That is, income from investment activities accounted for half of the final financial result. The level of coverage of insurance reserves by investment assets determines the degree to which the funds used to cover liabilities are placed in investment assets and in the idea of ​​funds for bank accounts insurance company and at the cash desk. This indicator must be at least 85%. RESO-Garantiya IJSC meets this requirement - in 2008 and 2009 the coverage level was 95 and 106%, respectively. Consequently, the volume of the company's liquid assets sufficiently covers its assumed liabilities.

The share of reinsurers in insurance reserves determines the degree of dependence of the insurance company on reinsurers as of the reporting date. According to the requirements of VTB 24 Bank, this indicator should be in the range from 0.1 to 0.45. However, the share of reinsurers in RESO-Garantiya Insurance Company is significantly lower, in 2009 it was 0.04 (Table G.1). On the one hand, this is explained by the sufficiency of its own funds to form reserves; on the other hand, an increase in the share of reinsurers will reduce the company's risks. It seems appropriate to review the Company's policy in the field of reinsurance.

The sufficiency of the influx of funds in the form of insurance premium receipts to cover current expenses for insurance payments, current costs of running a business, management, operating and non-operating expenses is characterized by the current solvency indicator, which must be at least 85 percent. From the calculations in Table G.2 it is clear that the solvency of RESO-Garantia Insurance Company in 2009 fell below the standard and amounted to 84%. Moreover, a significant decrease in the company's solvency was noted in 2008 (by 46% compared to the same period in 2007).

The main sign of liquidity is the formal excess of the insurer's current assets over short-term liabilities. The current liquidity ratio reflects the adequacy of the insurance company's working capital, which can be used in the event of claims being made against it for all existing obligations, including the occurrence of insured events. It must be at least 0.5. In 2008 and 2009, the current liquidity indicator of RESO-Garantiya Insurance Company corresponds to the specified standard - 0.51 and 0.69, respectively (Table G.3). That is, the company has taken additional measures to increase the ratio by increasing the volume of investment in deposits.

In 2007, the company was assigned an individual reliability rating by the National Rating Agency "AAA" - the maximum level of reliability." In November 2008, RESO-Garantiya entered the top 40 of the list "The Best Russian Brands 2008".

Thus, the insurance company RESO-Garantiya Insurance Company is one of the largest in the Russian insurance market and is distinguished by a high level of financial stability. It has one of the largest authorized capital among Russian insurers - 3.1 billion rubles, which makes it resistant to negative external influences. Indicators of equity adequacy indicate that the size of the company’s equity capital corresponds to the volume accepted obligations and sufficiently covers the formed volume of insurance reserves, and the volume of borrowed funds is low.

However, loss ratios show that the insurance company's business costs, as well as the volume of insurance payments, increase disproportionately to the increase in the volume of insurance premiums. As a result, the company's loss ratio has been increasing over the past two years. Profitability indicators during this period also have negative dynamics. Thus, the profitability indicator of insurance and financial and economic activities indicates that the company’s profit before tax is reduced in relation to its income. That is, the company's expenses increased in 2008 and 2009 disproportionately to the change in income received. Accordingly, the company's current solvency has also decreased.

However, the company's successful investment activities allowed it to complete the financial year 2009 with a positive result and, in general, maintain financial stability at the achieved level in conditions of stable economic development.

3 . Measures to strengthen financial stability fearOhowl of organization

As practice has shown, the financial stability of an insurance organization becomes a matter of its survival, since in today’s unstable market conditions, bankruptcy can act as a likely result of the economic and financial activities of the insurer. Under these conditions, the role and importance of analyzing the financial condition of insurance organizations and, above all, that part of it that is based on balance sheet and report data increases significantly. Such an analysis is of great interest for policyholders, for commercial partners of an insurance organization, for banks whose clients are insurance organizations, as well as for the self-assessment of the insurance organizations themselves and the analysis of their subsidiaries and branches.

The boundaries of the financial stability of a market entity are critical points, upon reaching which quantitative changes in financial resources give rise to a qualitative leap that changes, in particular, not only the quality of financial resources, but also financial stability.

The lower limit of financial stability is the one beyond which the financial condition loses the quality required by the market environment, which manifests itself in the loss of signs of financial stability (solvency and ability to develop), leading to a change in the status of an economic entity. For example, with quantitative changes that lead to a drop in the volume of financial resources below a critical level, the enterprise loses not only its solvency and ability to reproduce itself, but also its financial independence. This, in turn, may also mean a loss of economic and legal independence.

Quantitative changes in financial condition with a plus sign can also ultimately lead to a change in quality; for example, a small entrepreneur becomes a large one with a corresponding change in the economic and financial mechanism, including taxation, legal status, etc. However, in the case when quantitative changes have prepared the transition to another status, but such a transition does not occur, a situation may be observed where the discrepancy between quality and quantity (the magnitude of financial opportunities and the quality of their implementation) leads to a loss of incentive for development.

The transition from one qualitative state to another occurs in the form of a leap or overcoming a threshold, hence the indicators for assessing sustainability should mainly have a “threshold” character.

The insurance risk underlying insurance operations objectively determines increased requirements for the quality of the financial resources of the insurance company. These requirements make it possible, along with solvency and the ability to develop, to highlight a specific feature of financial stability that is unique to an insurance company: the correspondence of the quantity and quality of resources to the size and structure of the accepted insurance risk, which primarily means the ability to fulfill the insurer’s obligations to policyholders.

The state of stability (instability) of an insurance company is formed under the influence of factors of different nature (economic, political, geographical, etc.) and degree of influence. To study the influence of factors on the stability of an insurance organization, they must first be classified.

In foreign insurance management, classification of factors according to the possibility of managing them is actively used. From these perspectives, sustainability factors can be manageable or uncontrollable. In this case, it is customary to distinguish the so-called “core” of controllable factors, other controllable factors and market (partially controllable and uncontrollable) factors.

The “core” includes: an insurance product, a system for organizing sales and generating demand, a flexible system of tariffs and the insurer’s own infrastructure. Other controllable factors include material, financial and labor resources insurance company. Taken together, all these factors are interconnected, and changes in one of them affect all others. Partially controlled market factors include market demand, competition, insurance company infrastructure, and know-how in insurance services. Uncontrollable market factors include government structure and political system, social and ethical environment, conditions of the global insurance market.

This classification meets the real practical needs of insurance managers who are developing a strategy for the company's behavior in the market, including with the aim of increasing financial stability. The goals and key results set for the company can be divided into those that relate to the financial side of the insurance company’s activities, and those that relate to the indicators of the insurer’s strategic activities. Achieving acceptable financial indicators is the basis and source of maintaining and improving the company’s position in the market in the long term. Strategic goals should be focused on competition and on creating a strong competitive position in the chosen field of activity. Strategic and financial goals are closely intertwined, but we will try to differentiate some of them.

Strategic goals: increasing market share, occupying a dominant position, improving the quality of insurance services offered to the policyholder; lower costs compared to other competitors; expanding the range of insurance services offered; strengthening the company's reputation among clients; opening new sales channels.

Financial goals: increasing the growth rate of insurance premiums; increasing profitability; increasing the profitability of certain types of insurance; increasing profitability from the placement of insurance reserves. Although strategic and financial goals are closely intertwined, in some cases managers may find themselves in the difficult position of choosing between improving short-term financial performance and taking action to strengthen the insurance company's long-term position. The choice in this case will depend on each specific situation, but it must be remembered that if the company has achieved good financial results and is not in danger of a crisis if they decline, the importance of solving problems to strengthen the competitive position of the insurer in the long term exceeds the need to improve current financial performance.

Clearly formulated long-term goals allow you to solve two important problems:

1) planning key indicators for several years in advance, which allows you to determine what measures need to be taken now to ensure the achievement of these indicators;

2) managers have the opportunity to evaluate their current activities from the point of view of long-term prospects.

Modern foreign management actively uses the research technique of “testing a company’s strength with a crisis.” The technique is based on the assertion that during a crisis, the impact of factors on financial stability manifests itself brighter and more clearly. It is believed that economic crises play the role of a kind of exams that any enterprise must pass. The difficulties experienced by an enterprise during crises are a model of the problems that confront it in a difficult environment. In a crisis situation, the role of one or another factor in ensuring the “survival” and sustainability of the company is most clearly visible. The “crisis as an exam” technique is used by Standard & Poor’s when determining the rating of an insurance company. To do this, the crisis scenario (the ability of the insurance company to cope with the crisis) is analyzed, as well as six key concepts: management, capital, insurance, reinsurance, insurance policy, income.

Assessing the financial stability of an insurer is complicated by the lack of a sufficiently developed and justified methodology for its calculation. There is no consensus on the weight (significance) of a particular indicator, as well as the standard values ​​that would serve as a guide. Difficulties in developing a sufficient methodological framework are associated with the heterogeneity of the insurance market; standard values ​​of indicators should be developed for certain groups of insurers that differ in common characteristics.

Western economists believe that financial and operational indicators are indicators of the most painful areas in the activities of insurance organizations that require more detailed analysis. This analysis, in turn, may not confirm the preliminary negative assessment caused by the calculation of a particular coefficient.

Thus, in a number of cases, one or another coefficient value does not correspond to the generally accepted standard norm due to the specificity of specific conditions and peculiarities of the business practice of an individual insurance organization; comparison with average coefficients is not always justified due, for example, to the specialization of the activities of many insurance organizations; actually achieved level of previous years may not have been optimal for the needs of the insurance organization that existed in those years, or it may have been optimal for previous years, but completely inadequate to meet the requirements of the current period.

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PRACTICE REPORT

Assessment of solvency and financial stability of an enterprise using the example of OJSC "RESO-Garantia"

1. General characteristics of the company JSC "RESO-Garantia"

2. Analysis of the solvency and financial stability of the company

3. Main conclusions about the company's performance for the period 2008-2Q. 2010

Open insurance joint-stock company "RESO-Garantiya" was founded on November 18, 1991. This is a universal insurance company with licenses from the Federal Insurance Supervision Service C No. 1209 77 for 104 types of insurance and P No. 1209 77 for reinsurance. Life insurance license - C No. 4008 77 dated March 13, 2007 - issued to the subsidiary company OSZh RESO-Garantia LLC.

RESO-GARANTIA occupies a leading position in the Russian insurance market, is one of the leading domestic players in the insurance industry in terms of the volume of premiums collected, and is one of the leaders in the field of retail insurance. At the same time, the priority areas are car insurance (both CASCO and OSAGO), voluntary medical insurance, as well as property insurance for individuals and legal entities. RESO-Garantiya also provides services in accident insurance, mortgage insurance, travel and other types of insurance.

According to the Federal Insurance Supervision Service, at the end of 2009, RESO-Garantiya Insurance Company took 4th place in insurance premium collections. For success in work and high quality of customer service, the company has been awarded a number of high awards and prizes. In particular, the “Financial Olympus” prize and the annual prize awarded by the magazine “Finance”. At the end of 2009, the company received for the second time the prestigious title “People’s Brand/Brand No. 1 in Russia” (analogous to the Soviet “Quality Mark”).

RESO-Garantiya IJSC has the highest reliability rating possible for domestic companies today, A++, from the Expert RA rating agency, which corresponds to an “exceptionally high level of reliability.” In addition, at the beginning of 2009, the National Rating Agency (NRA), which a year earlier assigned an individual reliability rating of “AAA” - the maximum level of reliability,” confirmed the company’s previous high rating (see Appendix 1)

In 2009, RESO-Garantiya Insurance Company took 157th place in the most authoritative domestic ranking list of the largest Russian companies, Expert-400.

The professionalism of the employees of RESO-Garantia Insurance Company is recognized by the entire insurance community of Russia: the company is an active member of the majority of professional insurance associations in the country, including the All-Russian Union of Insurers and the Russian Union of Auto Insurers. The company became one of the Russian companies that received the right to issue Russian Green Card policies.

The company was registered by the Moscow Registration Chamber on September 22, 1993 under No. 005.537. TIN 7710045520. Entered into the Unified State Register of Legal Entities under number 1027700042413 on July 19, 2002.

The company has one of the most developed agent networks, where over 20,000 insurance agents work. The focus on improving and expanding the agent sales channel is the company’s advantage and difference from most domestic insurers. Even during the economic crisis, the retail channel for promoting insurance services maintains stable (and in many cases growing) collection volumes.

All RESO agents are certified in accordance with strict internal rules and standards for the provision of insurance services, undergo annual recertification in agencies and branches, in addition, the company has an effective system of distance learning and testing of insurance representatives of the society.

The developed system of branches makes RESO-Garantiya Insurance Company a company of national scale. Today, the federal network already includes more than 800 sales offices in all regions of the Russian Federation. In addition, insurance policies of RESO-Garantiya Insurance Company are sold by several dozen brokerage companies. The company's clients include about 5.4 million corporate and retail clients.

The company is actively present not only in metropolitan cities, but also in the provinces, making significant investments in the development of branches in all the most promising regions of the Russian Federation in terms of economic potential and opportunities for insurance activities. During 2009, the company opened more than 170 new sales structures with established teams of insurers under the special Development program. By creating an agent network, branches of RESO-Garantia Insurance Company ensure the provision of reliable and modern insurance and services to any categories of policyholders in accordance with the standards and advanced sales technologies available to the company.

The priority areas in the work of most branches are insurance of motor vehicles, medium and small businesses, life, health and property of citizens. All branches and divisions of the company are connected by a single Corporate Information System with the ability to work in real time - online, which allows servicing clients at the highest level, ensures prompt payment of insurance claims, makes it possible to quickly make adjustments to the tariff policy and make other relevant management and business decisions. -solutions. At the same time, not only branches, agencies and other divisions, but also individual agents and brokers have the opportunity to confidential and secure remote access from personal computers to the corporate system in the “Modern Agent” program.

The quality of insurance protection is ensured not only by significant equity capital and many years of insurance experience, but also by reinsurance protection in such large and world-famous reinsurance companies as Munich Re, Swiss Re, SCOR, Hannover Re, AXA, Lloid’s syndicates.

In 2009, the company retained the main development features that were inherent in it over the past years: a balanced and high degree of diversification of the insurance portfolio - both in the industry structure and geographical distribution of risks, focus exclusively on classic types of insurance, highly professional underwriting, priority attention to reinsurance protection portfolio, as well as monitoring compliance with regulatory indicators.

The federal status of the RESO company - Guarantee is supported by the structure of its insurance fees and payments. Thus, in 2009, the Moscow and Moscow region representative offices of the company collected 17.3 billion rubles. insurance premiums, and distant branches (including St. Petersburg and the Leningrad region) - 13.1 billion rubles. As for insurance payments, the regions (including St. Petersburg and the region) account for 8.3 billion rubles. and 10.2 billion rubles. - in Moscow and the Moscow region.

In 2009, the company became one of the leaders in implementing the procedure for direct compensation of losses (DCL) under OSAGO in Russia, in which a victim of the actions of another participant in an accident can apply for payment to his own insurance company, and not to the company of the person responsible for the accident. During the year that this procedure was in place, the company settled 15.6 thousand claims under the PES, offering its clients a truly European level of service. In particular, the company offered its policyholders a unique opportunity to receive an insurance payment under the PES within 7 days after receiving all the necessary documents (despite the fact that the Law allows 30 days for the settlement of claims). This became possible thanks to the well-functioning and clear payment system that exists in the Company.

The high-tech 24-hour call center continues to operate, which can be contacted, including by calling a toll-free hotline that connects the company to the farthest corners of the country. The center's operators provide round-the-clock, qualified assistance to the company's clients, as well as those affected by the actions of policyholders under compulsory motor liability insurance. A number of the company's sales divisions in Moscow have also been switched to round-the-clock operation: they can now receive insurance advice, issue a policy, and make the next payment under the contract at any time convenient for clients. A single claims settlement center has been created.

RESO-Garantiya IJSC has a unique actuarial base, supported by information resources. Thanks to the transition of the entire company to paperless document flow and online work, a centralized procedure for maintaining accounting and reporting of branches was introduced. The company's clients include not only tens of thousands of individuals, but also thousands of organizations. Our clients include several thousand of the largest Russian and foreign companies, enterprises and firms of various profiles. Including such leaders of the Russian economy as Goznak, Vodokanal of St. Petersburg, RKK Energia, Mosproekt-2, Wimm-Bill-Dann, Rosneft, Eldorado, Tekhnosila , "Megafon", "BeeLine", MGTS, "Rostelecom", "Intourist", "Aeromar", the Ritz Carlton Hotel, "Kaspersky Lab", "Word Class", "Protek", the pharmacy chain "36.6", " Alfa Bank", "UniCredit Bank", "Bank Zenit", "Bank of Moscow", "MDM Bank", banking group "NORDEA", "First Czech-Russian Bank", MICEX, "Karo-film", ITAR-TASS, "Russia Today" TV channel, "Kommersant" Publishing House, "Za Rulem" Publishing House, NTV, "AFI Development" Holding, "TransCreditLeasing", "Euroservice", "Mistral Tracing", "Sakhalinugol", "Rusengineering", "Panavto", "Genser", "CentroInstrument", "Petelinskaya Poultry Farm", Trading Company AIC "Cherkizovsky", "SPAR RETAIL", "Polyneftekhim", "AvtoVAZ", Russian representative offices of "Kraft Foods", "Xerox", "Red Bull", " Kelly Services, Mitsubishi Electric, Otis, Samsung, Volkswagen, Ford, Mazda, Toyota, Jaguar, Land Rover, Volvo, Rolf, Michelin, BBDO, Schering Plow, World Wildlife Fund and others.

The company plans to continue to concentrate its efforts on developing the insurance business in Russia, primarily focusing on the retail segment of the market. It plans to strengthen its presence in the market, including the regional one, and offer a wide range of insurance products, such as car insurance (MTPL, CASCO, voluntary motor liability insurance, insurance for additional unforeseen expenses on the road - the RESOauto-Help policy), medical insurance ( the company became one of the pioneers in providing voluntary health insurance services to individuals not only in Moscow, but also in St. Petersburg and Nizhny Novgorod; in 2009, the company opened its own specialized children's clinic "RESO-children"), property insurance in Moscow.

RESO-Garantiya Insurance Company carries out its sales through a wide agent network, which allows it to maintain an active client base and control the quality of the services provided by the company.

Insurance and investment activities will remain sources of future income. The ongoing financial crisis may have some impact on the company's results in 2010. Most likely, consumer demand for some insurance services will not recover to pre-crisis levels: in particular, this concerns the volume of bank lending, which is traditionally accompanied by collateral insurance, as well as the volume of sales of new vehicles by car dealers. All this cannot but affect the volume of sales of insurance services. However, these negative processes are largely offset by the concentration of the insurance market. The resilience of the agent sales channel to the crisis also plays a significant positive role. In addition, when budgeting its expenses for 2010, the company achieved a significant reduction in them. The set of anti-crisis measures taken will allow the company to overcome the negative consequences of the crisis as effectively as possible. (see Appendix 2) The Company's shareholder register contains nominee holders representing the interests of major shareholders - Limited Liability Company Deutsche Bank - participation share 93.256 percent, Closed Joint Stock Company Commercial Bank Citibank - participation share 6.315 percent, Federal Agency for management of federal property - share of participation 0.001 percent. The issuer's main competitors in the retail segment are the Open Joint Stock Company "Russian State Insurance Company" (Rosgosstrakh), the Open Joint Stock Company "Ingostrakh" and the Open Joint Stock Company "Russian People's Insurance Company "ROSNO" and OJSC "SOGAZ".

An analysis of the solvency and financial position of the issuer based on economic analysis of the dynamics of indicators is presented in Table 1.

Table 1

Indicator name
Issuer's net asset value
Ratio of the amount of raised funds to capital and reserves, %
Ratio of the amount of short-term liabilities to capital and reserves, %
Coverage of debt service payments, %
Overdue debt level, %
Accounts receivable turnover, times
Share of dividends in profit, %
Labor productivity, thousand rubles/person
Depreciation to revenue, %

Indicators of solvency and financial position of the company RESO - Guarantee for the period 2008-2 quarter. 2010

Calculations were made according to the financial statements for the corresponding periods, as a result, the amount of funds raised is determined by the formula (line 690 of Form No. 1 - insurer under OKUD - (line 660 of Form No. 1 - insurer under OKUD + line 665 of Form No. 1 - insurer under OKUD + line 670 of Form No. 1 - insurer under OKUD + line 675 of Form No. 1 - insurer under OKUD).

The amount of short-term liabilities is determined by the formula (line 690 of Form No. 1 - insurer under OKUD - (line 610 of Form No. 1 - insurer under OKUD + line 615 of Form No. 1 - insurer under OKUD + line 620 of Form No. 1 - insurer under OKUD + line 660 Forms No. 1 - insurer under OKUD + line 665 Forms No. 1 - insurer under OKUD + line 670 Forms No. 1 - insurer under OKUD + line 675 Forms No. 1 - insurer under OKUD).

Revenue is determined by the formula (line 011 of Form No. 2 - insurer under OKUD + line 081 of Form No. 2 - insurer under OKUD).

Net assets in 2009 compared to 2008 increased by more than 1.2 times, this fact is due to an increase in net profit and additional capital.

The correspondence of the indicators “ratio of the amount of raised funds to capital and reserves” and “ratio of the amount of short-term liabilities to capital and reserves” is explained by the company’s lack of long-term liabilities (except for deferred tax liabilities). Accounts payable are formed as a result of operating activities, therefore the activities of RESO - Guarantees do not depend on bank loans and other sources of financial debt.

The bulk of the obligations to be repaid are obligations to insurance agents and reinsurance organizations. In this regard, the values ​​of the indicator “coverage of debt service payments” are normal for insurance organizations. The absence of overdue debt confirms the company's ability to timely fulfill its obligations.

Accounts receivable turnover shows a stable level of business activity of the enterprise with an upward trend. The bulk of accounts receivable consists of accounts receivable from insurance agents and reinsurance organizations. This indicator balances the indicators characterizing the obligations of the RESO - Garantiya company.

The annual general meeting of shareholders decided to pay dividends on ordinary registered shares of RESO - Garantiya OSJSC based on the results of 2008 in the amount of 13 rubles per share, the total amount of dividends accrued on the shares of RESO - Garantiya OSJSC is 403,000,000 rubles. During the periods 2009 - 2010, no dividends were paid.

Table 2 shows the main indicators characterizing the profit and loss of the enterprise.

Table 2. Profits and losses of the RESO enterprise - Guarantee

Indicator name
Gross profit
Net profit (retained profit (uncovered loss)
Return on equity, %
Return on assets, %
Net profitability ratio, %
Product (sales) profitability, %
Capital turnover
Amount of uncovered loss as of the reporting date
The ratio of uncovered loss at the reporting date and balance sheet currency

An economic analysis of the issuer’s profitability/loss ratio based on the dynamics of the above indicators allows us to draw the following conclusions:

The share of individual types of insurance in the overall portfolio of insurance services has not changed much, with the exception of life insurance. This is mainly due to the fact that, in accordance with the Law “On the Organization of Insurance Business in Russia”, strict specialization of insurance organizations is being introduced from 01/01/2007. The largest share continues to be attributed to property types of insurance and compulsory insurance of vehicle owners.

Increasing competition among large companies leads to the creation of new insurance products and stimulates the main market participants to reduce costs and improve the quality of management.

When carrying out insurance activities, the main cost item is the payment of insurance compensation. Since a significant part of the portfolio is concentrated in the segment of automobile and voluntary medical insurance, the growth of insurance compensation payments is subject, in particular, to the factor of price inflation for auto repair work and medical services. The increase in the cost of these works and services is taken into account in the company's tariff policy.

The total volume of insurance payments for 2009 amounted to 18,686,371 thousand rubles, which is 2,963,371 thousand rubles more than the level of 2008. The largest share in the total volume of insurance payments falls on property insurance and compulsory insurance. To overcome the main factors that negatively affect the company’s activities, the following are used: methods for assessing statistical data, reinsurance, restrictions on the amount and number of insurance contracts concluded, procedures for approving transactions, pricing strategies and constant monitoring of the emergence of new risks.

In pursuance of the Reinsurance Strategy, RESO - Garantiya uses facultative reinsurance and excess of loss reinsurance in order to reduce insurance payments under each contract. The company constantly monitors the financial stability of reinsurers and periodically updates its reinsurance agreements. Takes appropriate measures to ensure that seasonal increases in the level of payments (for example, payments under various types of contracts relating to vehicle insurance and liability to third parties in connection with the onset of the winter months with their difficult weather conditions) do not cause significant damage.

To determine the liquidity and solvency of the enterprise, let us turn to the main indicators that reflect this dynamics (Table 3)

Table 3. Liquidity of capital of the company RESO - Guarantee.

Based on the above indicators, here are the main conclusions about the state of the company:

1) The current ratio shows the extent to which current assets cover current liabilities and gives an overall assessment of liquidity. In other words, it shows how many rubles of working capital (current assets) are accounted for by one ruble of current short-term debt (current liabilities).

2) The excess of current assets over short-term financial liabilities provides a reserve stock to compensate for losses that an enterprise may incur when placing and liquidating all current assets, except cash. The larger the value of this reserve, the greater the confidence of creditors that debts will be repaid. A coefficient > 2 usually satisfies.

In its semantic meaning, the quick liquidity indicator is similar to the current liquidity ratio, however, it is calculated for a narrower range of current assets, when production inventories are excluded from the calculation, as the less liquid part of current assets. A ratio of 0.6-1 is usually satisfactory. However, it may be insufficient if a large share of liquid funds consists of receivables, part of which is difficult to collect in a timely manner. In such cases, a larger ratio is required. If cash and cash equivalents (securities) occupy a significant share of current assets, then this ratio may be smaller.

3) The correspondence of the current and quick liquidity ratios indicates the predominance of liquid assets in the issuer’s current assets, which indicates the issuer’s ability to cover its obligations in a short time.

Fluctuations in liquidity ratios are due to significant changes in the volume of current assets.

In 2009, the growth of investments as part of current assets led to an increase in liquidity ratios.

The dynamics of the given indicators of liquidity and solvency of the company indicate the ability to fulfill short-term obligations and cover current operating expenses.

In order to manage liquidity risk within the framework of the general risk management policy, the company has an established limit on a credit line in one of the Russian banks as a reserve source of working capital. There are currently no significant factors that could lead to changes in the policy of financing working capital; the receipt of insurance premiums at the moment significantly exceeds the company's needs for cash to carry out current activities. (Table 4)

Table 4. Structure and size of the issuer's working capital in accordance with the financial statements.

Indicator name
TOTAL Current assets
Future expenses
Accounts receivable (payments for which are expected more than 12 months after the reporting date)
Accounts receivable (payments for which are expected within 12 months after the reporting date)
Short-term financial investments
Cash
Other current assets

The RESO - Guarantee company does not use borrowed sources to finance working capital. The main sources of financing for current activities are cash receipts from the insurance premium collected by the issuer.

solvency financial stability joint stock company

Over the past 2009, the volume of premiums has decreased. The share of insurance types in the overall portfolio of insurance services has remained virtually unchanged. The share of compulsory insurance in the total volume of signed contributions has increased significantly compared to last year. In accordance with the Law “On the Organization of Insurance Business in Russia”, strict specialization of insurance organizations was introduced from 01/01/2007, which affected the results of activities in the field of life insurance.

The largest share continues to be attributed to property types of insurance and compulsory insurance of vehicle owners. A significant decrease in the collection of premiums in the reporting period compared to 2008 was due to property types of insurance. At the same time, there is a significant increase in compulsory insurance of vehicle owners by 27 points compared to last year.

When carrying out insurance activities, the main cost item is the payment of insurance compensation. Since a significant part of the portfolio is concentrated in the segment of automobile and voluntary medical insurance, the growth of insurance compensation payments is subject, in particular, to the factor of price inflation for auto repair work and services of medical institutions.

The total volume of insurance payments in 2009 amounted to 18,686 million rubles. which is 6878 million rubles more than last year. Mainly due to an increase in payments for property insurance, including for the property of citizens by 1865 million rubles. and personal (health insurance) for 551,216 thousand rubles. In accordance with the concluded agreement on direct compensation for losses (Order of the Ministry of Finance of the Russian Federation dated January 23, 2009 No. 6n), for 2009 the total amount of payments to victims for claims for compensation amounted to 220,469.1 thousand rubles.

In accordance with the Accounting Regulations “Accounting Policy of the Organization (PBU1/2008), approved by Order of the Ministry of Finance of the Russian Federation dated October 6, 2008 No. 106n, the company’s accounting policy has been developed. The accounting policy stipulates that direct insurance transactions are reflected in accounting on an accrual basis. Accounting for transactions for reinsurance is built on an accrual basis in accordance with concluded reinsurance agreements.

Recognition of income using the accrual method, as well as the stipulated installment plans for payment of insurance premiums in accordance with the Insurance Rules, leads to the formation of receivables for insurance operations. For 2009, it amounted to 5,060,027 thousand rubles. of which the debt of policyholders is 5,044,444 thousand rubles. and the debt of agents and brokers is 15,583 thousand rubles. Mainly under property insurance contracts for large enterprises and organizations. Thus, receivables under transport insurance contracts amounted to 3081 million rubles at the end of 2009, for enterprise property insurance - 930.7 million rubles, under personal insurance contracts - 1182 million rubles, for liability insurance - 50.2 million .rub.

The specified debt amounts to 13.6 percent of the balance sheet currency and 20.2 percent of the total amount of formed insurance reserves.

Accounts receivable for reinsurance operations amounted to 295,462 thousand rubles at the end of the reporting period. Their debt of reinsurers for payments amounts to 85,317 thousand rubles, including 29,535 thousand rubles. is the debt of SK Arkada LLC, which will be repaid during 2010.

Other receivables include balances on accounting accounts 60 (advances issued), 68 (settlements with the budget), 73 (settlements with personnel for other operations) and 76 (settlements with various debtors and creditors). Under the article, advances issued reflected the amount of advances issued to medical organizations for the provision of medical services in accordance with the conditions stipulated by contracts for the provision of medical and preventive care. At the end of the reporting period, this debt amounted to 487.0 million rubles. and service stations for repairs of insured vehicles - 181 million rubles.

Other receivables at the end of the reporting period amounted to 2,430,280 thousand rubles, including receivables for which payments are expected more than 12 months after the reporting date - 344,877 thousand rubles. This debt includes personnel debt for other operations in the amount of 233886.7 thousand rubles, mainly interest-bearing loans provided to company employees for a period of 1 to 10 years, debt arising as a result of fraud and shortages - 81634.8 thousand rubles ., as well as overdue debt in the amount of 47,253.3 thousand rubles, which includes the debt of banks on deposits, as a result of the revocation of the license for banking operations - 39,903 thousand rubles, counterparties for paid work and services and unfulfilled - 4,074 thousand rubles, insurance representatives for insurance premiums - 3276.3 thousand rubles. The debt as a result of fraud arose in particular as a result of fictitious payments, their amount amounted to 18,132 thousand rubles, theft of bills - in the amount of 19,963 thousand rubles, dishonesty of insurance representatives, theft - in the amount of 43,539 thousand rubles.

Accounts receivable, payments for which are expected within 12 months after the reporting date, include settlement debts of other organizations, which are caused by the fact that payments under contracts have been made, but work and services have not yet been completed or goods have not been received - 61,579 thousand rubles. , settlements on financial investments - 451589.1 thousand rubles, debt on settlements for direct compensation of losses with the insurers of the harm doer - 37228.2 thousand rubles. overpayment of payments to the budget and extra-budgetary funds - 342,087 thousand rubles. The overpayment of taxes was mainly due to the existing overpayment of income tax on advance payments previously accrued. The total amount of this debt amounted to 2,085,403 thousand rubles at the end of the reporting period. and reflected on page 200 of form No. 1.

Fixed assets include buildings, equipment, vehicles, business equipment and other valuables necessary for the business functioning of the Company. 87.22 percent of total fixed assets are buildings and equipment and structures. During the reporting period, real estate assets worth 69.5 million rubles were put into operation. , which amounted to 2970.8 million rubles at the end of 2009. Fixed assets are of a production nature and are fully used in the process of providing insurance services and bring economic benefits to the company. Some office space is rented out to other organizations under lease agreements and generate income. The area leased out is reflected in the balance sheet as an investment at the end of 2009, this figure amounted to 559,788 thousand rubles. which corresponds to 13734.1 sq.m.

The value of fixed assets increased by 1.08 times at the end of the reporting period compared to the balance of fixed assets at the beginning of the year. During the reporting period, new office premises were introduced to house the company's branches on the territory of the Russian Federation with a total area of ​​775.5 sq.m. in the cities of Dmitrov, Cheboksary, Kolchugino, Chelyabinsk, Yaroslavl, computer equipment was updated, vehicles necessary for production purposes and to increase sales were purchased. The change in the value of fixed assets as a result of completion, reconstruction and modernization amounted to 169,867 thousand rubles. These are mainly the costs of reconstructing office premises in Moscow on Nagorny Proezd. In 2010, new real estate objects will be introduced in the cities where the company's branches are located, namely in the city. Omsk, Orekho-Zuevo, Samara, Elektrostal, Surgut for a total area of ​​2249 sq.m. worth 197.5 million rubles.

Appendix 1. Insurance payments by the company in accordance with the gradation of types of insurance

Type of insurance provided in accordance with the annex to the license
Accident insurance
Medical insurance of citizens
Vehicle insurance
Aircraft insurance
Ship insurance
Cargo insurance
Insurance of property of legal entities and individuals against fire and other dangers
Construction and installation insurance
Animal insurance
Financial risk insurance
Civil liability insurance for car owners
Insurance of liability to third parties during construction and installation works
Civil liability insurance of air carriers for air transportation on international airlines
Insurance of expenses of citizens traveling abroad
Accident insurance (for children) - special conditions
Compulsory insurance of passengers transported by road
Civil liability insurance for tour operators and travel agents
Insurance for loss of property as a result of termination of ownership
Space risk insurance
Insurance against the risk of event failure
Insurance of medical expenses for persons entering the CIS and the Russian Federation
Civil liability insurance for aircraft owners and air carriers
Professional liability insurance for doctors and other medical workers
Professional liability insurance for notaries
Professional liability insurance for auditors
Airport liability insurance
Shipowners liability insurance
Appraisers' liability insurance
Builders liability insurance
Liability insurance for bank employees
Customs carrier liability insurance
Civil liability insurance for registrars and depositories
Comprehensive mortgage insurance
Insurance for life-threatening diseases
Accident and illness insurance
Insurance of risks associated with the use of plastic cards
Comprehensive bank insurance
Insurance of plastic card issuers
Insurance of non-fulfillment of contractual obligations
Business interruption insurance
Insurance for expenses incurred as a result of cancellation of a trip abroad or changes in the duration of stay abroad
Insurance of export-import loans
Comprehensive insurance of risks associated with e-commerce
Architects' liability insurance
Civil liability insurance for pharmacists
Compulsory state insurance of life and health of military personnel, citizens called up for military training, private and commanding officers of the internal affairs bodies of the Russian Federation, the State Fire Service, bodies for control of the circulation of narcotic drugs and psychotropic substances, employees of institutions and bodies of the penal system and federal tax police officers
Compulsory civil liability insurance for vehicle owners
Voluntary insurance of individuals against the risk of radiation exposure
Railway transport insurance
Forest fund insurance
Agricultural crop insurance
Post-launch warranty insurance
Insurance for the provision of medicines for the provision of outpatient care
Agricultural crop insurance with state support
Insurance of property of legal entities against fire and other dangers
Drilling insurance
Insurance of gas, oil and petroleum product pipelines
Civil liability insurance for road carriers and forwarders
Civil liability insurance for enterprises that are sources of increased danger
Professional liability insurance for realtors
Product manufacturer's civil liability insurance
Civil liability insurance
Insurance of civil liability of organizations to visitors
Insurance of civil liability of organizations operating hazardous production facilities for damage to life, health or property of third parties and the environment as a result of an accident at a hazardous production facility.
Compulsory personal insurance for passengers of railway, air, sea and inland water transport
Insurance of rented non-residential property in Moscow
Insurance of medical expenses for persons traveling within the Russian Federation
Insurance of civil liability of operating organizations and owners of hydraulic structures for causing harm to the life, health and property of others
Personal liability insurance
Customs broker liability insurance
Transport terminal operator liability insurance
Liability insurance for lawyers and attorneys
Civil liability insurance for the organization that owns and guarantees ATA carnets
Insurance of civil liability to third parties when transporting radioactive substances, nuclear materials, products based on them and their waste
Liability insurance for manufacturers, sellers and performers for damage caused by violation of sanitary and epidemiological standards
Civil liability insurance of operating organizations - nuclear energy facilities
Insurance of machines and mechanisms against breakdowns (accidents)
Insurance within the framework of the international system of civil liability insurance for vehicle owners "Green Card"
Insurance of civil liability to third parties when transporting radioactive substances, nuclear materials, products based on them and their waste
Compulsory civil liability insurance for vehicle owners
Cargo insurance

Appendix 2. Company insurance reserves

Indicator name
Life insurance reserves, rub.
Unearned bonus reserve, rub.
Loss reserves, rub.
Reserves for compulsory medical insurance, rub.
Other insurance reserves, rub.

Open insurance joint-stock company "RESO-Garantiya" was founded on November 18, 1991. This is a universal insurance company with licenses from the Federal Insurance Supervision Service C No. 1209 77 for 104 types of insurance and P No. 1209 77 for reinsurance. Life insurance license - C No. 4008 77 dated March 13, 2007 - issued to the subsidiary company OSZh RESO-Garantia LLC.

RESO-GARANTIA occupies a leading position in the Russian insurance market, is one of the leading domestic players in the insurance industry in terms of the volume of premiums collected, and is one of the leaders in the field of retail insurance. At the same time, the priority areas are car insurance (both CASCO and OSAGO), voluntary medical insurance, as well as property insurance for individuals and legal entities. RESO-Garantiya also provides services in accident insurance, mortgage insurance, travel and other types of insurance.

According to the Federal Insurance Supervision Service, at the end of 2009, RESO-Garantiya Insurance Company took 4th place in insurance premium collections. For success in work and high quality of customer service, the company has been awarded a number of high awards and prizes. In particular, the “Financial Olympus” prize and the annual prize awarded by the magazine “Finance”. At the end of 2009, the company received for the second time the prestigious title “People’s Brand/Brand No. 1 in Russia” (analogous to the Soviet “Quality Mark”).

RESO-Garantiya IJSC has the highest reliability rating possible for domestic companies today, A++, from the Expert RA rating agency, which corresponds to an “exceptionally high level of reliability.” In addition, at the beginning of 2009, the National Rating Agency (NRA), which a year earlier assigned an individual reliability rating of “AAA” - the maximum level of reliability,” confirmed the company’s previous high rating (see Appendix 1)

In 2009, RESO-Garantiya Insurance Company took 157th place in the most authoritative domestic ranking list of the largest Russian companies, Expert-400.

The professionalism of the employees of RESO-Garantia Insurance Company is recognized by the entire insurance community of Russia: the company is an active member of the majority of professional insurance associations in the country, including the All-Russian Union of Insurers and the Russian Union of Auto Insurers. The company became one of the Russian companies that received the right to issue Russian Green Card policies.

The company was registered by the Moscow Registration Chamber on September 22, 1993 under No. 005.537. TIN 7710045520. Entered into the Unified State Register of Legal Entities under number 1027700042413 on July 19, 2002.

The company has one of the most developed agent networks, where over 20,000 insurance agents work. The focus on improving and expanding the agent sales channel is the company’s advantage and difference from most domestic insurers. Even during the economic crisis, the retail channel for promoting insurance services maintains stable (and in many cases growing) collection volumes.

All RESO agents are certified in accordance with strict internal rules and standards for the provision of insurance services, undergo annual recertification in agencies and branches, in addition, the company has an effective system of distance learning and testing of insurance representatives of the society.