Audit of Rosgosstrakh's reports revealed overvaluation of a number of assets and demanded a reassessment of reserves, said Nikoloz Fry, general director of the Rosgosstrakh insurance company, in an interview with TASS. According to him, the company "was deeply unprofitable in 2017, 2016, and through our new auditors Ernst & Young it turned out that even in 2015".
The management of Rosgosstrakh, together with the new auditors, identified in the accounts for past years examples of incorrect reserves and too high valuation of a number of assets, including real estate. "Taking into account the results of 2017, the total loss of regulatory capital from activities amounted to about 100 billion rubles., Of which 25 billion rubles. account for the transition to industry accounting standards, and 19 billion rubles. - to the losses of past years ", - explained Fry.
In 2017, Danil Khachaturov, who at that time was the owner of Rosgosstrakh, transferred control over the insurer to the bank FC Opening. In August of the same year, the insurance company, together with the bank, moved to the Fund for the Consolidation of the Banking Sector (FCS) of the Central Bank. Nikolaus Fry joined the insurance company as chief managing director in May 2017, and in September was appointed general director of Rosgosstrakh.
Last year, FC Otkritie capitalized Rosgosstrakh by RUB 106 billion, and the insurer plans to break even this year.
According to the company's disclosure, since 2015, Rosexpertiza has been the company's auditor. During the audit of the past years, Rosexpertise was provided with legitimate reports of independent appraisers to confirm the valuation of assets and reports of the actuary to confirm the amount of reserves, the company's general director Alexander Kozlov said. "In addition, the issues of reserving and valuing assets in the periods that we checked were under the control of the Central Bank," he added.
In the first quarter of 2018, Rosgosstrakh received a quarterly profit for the first time in three years. Net profit under the IAS was 586.3 million rubles. against a loss of 10.2 billion rubles. a year earlier, follows from the accounts of the insurance company.
Losses of previous years have been associated with problems in OSAGO, Fry explained. "Due to the implementation of the anti-crisis program launched just one year ago, the" avtograzhdanki "could be reduced dramatically from more than 180% in the first quarter of 2017 to less than 100% in the first three months of 2018," he added (quoted on " Interfax ").
The premiums of Rosgosstrakh fell a little more than twice to 12.3 billion rubles, payments, the bulk of which fell on OSAGO. - 2.5 times to 10.8 billion rubles. The income from the insurance activity of the company amounted to 1.65 billion rubles. (for the same period last year - 11.2 billion rubles loss). Assets of Rosgosstrakh amounted to 137.5 billion rubles.