The Supervisory Board of ALSKOM Insurance Company JSC reviewed the Company's results for 2014

On April 13, 2015, a meeting of the Supervisory Board of ALSKOM Insurance Company JSC was held, dedicated to the results of the Company's activities for 2014. At the meeting, the general director Tokhirzhon Iminov made a report on the results of the Company's financial and economic activities and the fulfillment of the business plan indicators for 2014.

In his speech, he noted that in the reporting year, the cumulative amount of collected insurance premiums amounted to 24.7 billion soums, of which about 69% came from voluntary, and the remaining 31% from compulsory insurance. The last figure in recent years remains unchanged at around 30%. This contributes to the stability and financial sustainability of the Company.

The growth in insurance premiums for 2014 compared to the 2013 figure was 133.3%, and the business plan for this indicator was fulfilled by 123.2%.

In 2014, the volume of collected insurance premiums by regional branches increased by 30% compared with 2013, and their share in the total volume of collected insurance premiums for the Company was 82.2%. This indicates that the regional network has become the main component of the Company's insurance business. In the reporting year, 22 branches were re-established, especially in rural areas. At the beginning of 2015, the Company's regional network consists of 15 branches located in the Republic of Karakalpakstan and in all areas, 79 branches and a number of points of sale in districts and remote rural areas.

In 2014, the number of concluded insurance contracts amounted to more than 300 thousand units. A large number of insurance contracts are secured by active cooperation with O'zbekiston Pochtasi, as a result of which the Company widely implements insurance policies among the population, especially in remote rural areas.

In the reporting year, a total of 3,520 insurance claims were received, which is 2.3 times more than the 2013 figure. The total amount of insurance payments made was 2.02 billion soums, which is 58.5% more than in 2013. The average payout ratio was 8.2%, against 6.9% in 2013.

The total investment portfolio of the Company as of 01/01/2015 amounted to 31 billion soums. This indicator is 44.2% higher than the figure as of 01/01/2014.

An increase in the Company's assets was also observed, during the year their volume increased from 26.4 billion soums to 35.7 billion soums. It should be noted that the growth of total assets was mainly due to an increase in the Company's short-term investments, which exceeded the 2013 level by 85%.

The indicator of the business plan for net profit is 163.5%. Profitability at the end of 2014 amounted to 11.5%.

There were also heard the opinion of the audit committee and an independent audit organization. Based on the results of the checks, no omissions in accounting and reporting were revealed.

In addition, the supervisory board considered the issue of conducting an audit of the Company's financial and economic activities for 2015 and identified an independent auditing organization to carry out the relevant audit.

At the meeting, other issues related to the Company's activities were also considered. Relevant decisions were made on the considered issues on the agenda.