Insurance company "Soglasie" in 2017 received from the shareholder another financial aid in the amount of 5.09 billion rubles., Follows from its consolidated accounts. The support was made in the form of a contribution from the company's participants to its property to increase capital, Yulia Shumilova, the first deputy general director of Concord, confirmed to Vedomosti. The actual owner of the insurer is Mikhail Prokhorov, the report says.
Prokhorov is not the first year to provide financial support to his insurer. For five years, the company invested about 17 billion rubles, and another 5.1 billion rubles. - in 2017 to increase its own funds, Shumilova continues. "The total is 22.1 billion rubles." - She says, noting that last year's investments "were of the nature of investments in business."
Experts assess the assistance of the shareholder "Accord" in 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 invested in the increase in the capital of "Accord", Andrei Krupnov, a partner of the FMG Group consulting company, estimated. The shareholder's investments included changes in the authorized capital in 2012, 2014 and 2015. and all kinds of injections into additional capital, including a subordinated loan at the end of last year, he says.
An employee of another rating agency confirmed the correctness of the colleague's calculations. The company does not agree with this assessment, says Shumilova.
The subordinated loan "Consent" was attracted on the last working day of the year, December 29, it was said in the statements. The amount of the loan was 0.9 billion rubles. The funds were provided by one of the company's participants for six years, Shumilova confirms: "This is an additional tool to increase the company's capitalization." A currency loan in this amount was given to Onexim Holding Limited (the parent company of the Onexim Group of Prokhorov - Vedomosti), according to the statement of the insurer.
A representative of the Onexim group declined to comment.
Thanks to net profit (1.6 billion rubles) for 2017 and additional contributions from the participants, "Accord" managed to return the capital to a positive value: as of December 31, 2017, it amounted to 4.4 billion rubles. against a negative 2.4 billion at the end of 2016, said the director of the insurance analytical group Fitch Anastasia Litvinova.
This year, there was no help from the shareholder, as there is no need for this, the representative of Soglasiya asserts. Shumilova said that in the first half of the year the company received 1.4 billion rubles. net profit. In addition, on June 30, the insurer repaid the uncovered loss (at the end of 2017 it was 8 billion rubles, follows from the accounts), which was formed before 2016, she adds.
"Consent" is a universal insurer, the main activities of which are insurance of auto hull and OSAGO, the agency "Expert RA" notes, which at the end of July upgraded its rating to ruBBB +. In support of the rating, the agency attributed the ability and willingness of the owner of the "Consent", if necessary, to provide financial assistance to the company. Another domestic agency rating "Consent" - ACRA (BBB + rating). His analysts also note the stable support that the owner of the company renders in the form of investments in capital. The highest rating in April was assigned by the National Rating Agency. S & P in July 2016 lowered the rating of "Concord" to B + with a "negative" outlook due to the deterioration of capital adequacy, and in 2017, at the request of the company, withdrew ratings.
As a result of 2017, "Soglasie" took 11th place in terms of premiums, increasing contributions by 2.9% to 33.3 billion rubles. (data of the Central Bank). Such a modest growth of "Expert RA" relates to negative trends in the whole in the market.
The main problems of "Accord" behind, analysts say. In the event of a crisis, the insurer may need another shareholder's help, but in the current market conditions this is unlikely, says Aleksey Bredikhin, director of the rating group for financial institutions AKRA.