02.03.2018
In 2017, reinsurance premiums written by Russian National Reinsurance Company (RNRC) totaled RUR 7.7 billion, and its foreign business amounted to RUR 205 million.
With net profit amounting just to RUR 89 million rubles, 2017 saw a significant decline in net profit against the expected figure. This was due to RNRC’s participation in three major losses in the Russian insurance market in 2017, with the respective RBNS reserve reaching nearly RUR 4 billion.
Administrative expenses actually incurred by the Company in 2017 were 33 percent below the budgeted amount. The financial result based on comprehensive income (including revaluation of securities available for sale) reached RUR 214 million.
RNRC’s portfolio is mostly comprised of corporate property, CAR/EAR and space reinsurance contracts (52 percent). 14 percent of the portfolio are accounted for by aviation reinsurance premiums and 9 percent by liability reinsurance.
Facultative contracts account for 72 percent of RNRC’s total premiums. Contracts with RNRC’s share of above 10 percent account for 30 percent of the total portfolio.
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Russian National Reinsurance Company Joint-Stock Company was incorporated by virtue of Federal Law no.363-FZ “On amendment of the RF Law “On Insurance Business in the Russian Federation”, by Resolution of the Board of Directors of its sole shareholder, the Central Bank of Russia, which owns 100% of Company shares. Paid-up capital of the Company is 21.3 billion roubles. Reinsurance license ПС no. 4351 dd. 12.10.2016. ACRA Rating is AAA (RU), stable outlook.