09 August 2018, 23:45 / Finance

Prokhorov spent 28 billion rubles to support the Soglasie insurer

He invested the last 5 billion rubles in 2017, and the company was able to get out of losses Danis Yumabaev

Representatives of Soglasiya announced the amount of assistance received from the owner / Evgeniy Razumny / Vedomosti

In 2017, the Soglasie insurance company received another financial assistance from its shareholder in the amount of 5.09 billion rubles, as follows from its consolidated statements. The support took place in the form of a contribution from company participants to its property to increase capital, First Deputy General Director of Soglasiya Yulia Shumilova confirmed to Vedomosti. The actual owner of the insurer is Mikhail Prokhorov, the report notes.

This is not the first year that Prokhorov has had to provide financial support to his insurer. Over five years, about 17 billion rubles were invested in the company, and another 5.1 billion rubles. - in 2017 to increase own funds, continues Shumilova. “The total is 22.1 billion rubles,” she says, noting that last year’s investments “were in the nature of business investments.”

Experts estimate the assistance of the Soglasiya shareholder at an even larger amount. From 2012 to 2017 (there are no reports for earlier periods on the insurer’s website), more than 28.5 billion rubles were explicitly invested in increasing Soglasiya’s capital, calculated Andrey Krupnov, partner of the consulting company FMG Group. The shareholder's investments included changes in the authorized capital in 2012, 2014 and 2015. and all types of additional capital injections, including a subordinated loan at the end of last year, he says.

Mikhail Prokhorov's investments in Soglasie Insurance Company could reach 16 billion rubles in six years

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An employee of another rating agency confirmed the correctness of his colleague’s calculations. The company does not agree with this assessment, says Shumilova.

“Soglasie” raised a subordinated loan on the last working day of the year, December 29, the statements say. The loan size amounted to 0.9 billion rubles, the funds were provided by one of the company participants for six years, confirms Shumilova: “This is an additional tool for increasing the company’s capitalization.” A foreign currency loan in this amount was provided to Soglasiya by Onexim Holding Limited (the parent company of Prokhorov's Onexim group - Vedomosti), according to the insurer's reporting.

A representative of the Onexim group declined to make any comments.

Thanks to net profit (1.6 billion rubles) for 2017 and additional contributions from participants, Soglasiya managed to return its capital to a positive value: as of December 31, 2017, it amounted to 4.4 billion rubles. against negative 2.4 billion at the end of 2016, notes Anastasia Litvinova, director of the Fitch insurance analytical group.

This year there was no help from the shareholder, since this is not necessary, says a representative of Soglasiya. Shumilova says that in the first half of the year the company received 1.4 billion rubles. net profit. In addition, on June 30, the insurer paid off the uncovered loss (at the end of 2017 it amounted to 8 billion rubles, according to the reporting), which was formed before 2016, she adds.

Some insurers continue to believe in OSAGO

Finance/Insurance

Soglasie is a universal insurer whose main activities are motor hull insurance and compulsory motor liability insurance, notes the Expert RA agency, which at the end of July raised its rating to ruBBB+. In support of the rating, the agency cited the ability and willingness of the owner of Soglasiya to provide financial assistance to the company if necessary. Another domestic agency that rates Soglasie is ACRA (BBB+ rating). Its analysts also note the stable support provided by the company's owner in the form of capital investments. In April, the National Rating Agency assigned the highest rating on its scale to Soglasiya. In July 2016, S&P downgraded Soglasiya's rating to B+ with a negative outlook due to deteriorating capital adequacy, and in 2017, at the company's request, withdrew the ratings.

At the end of 2017, Soglasie took 11th place in terms of premiums, increasing premiums by only 2.9% to 33.3 billion rubles. (data from the Central Bank). Expert RA associates such modest growth with negative trends in the market as a whole.

The main problems of “Consent” are behind us, analysts say. In the event of some kind of crisis, the insurer may need another help from the shareholder, but in the current market conditions this is unlikely, says Alexey Bredikhin, director of the ACRA group of financial institution ratings.