Annual Report of SOGAZ Insurance Group

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1 Annual Report of SOGAZ Insurance Group

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3 Annual Report of SOGAZ Insurance Group 2011

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5 CONTENTS > A WORD FROM THE CHAIRMAN OF THE BOARD OF DIRECTORS...5 > A WORD FROM THE CHAIRMAN OF THE MANAGEMENT BOARD > ABOUT SOGAZ INSURANCE GROUP...8 Management Position in the Insurance Market...13 Russian Insurance Market: 2011 Results Group Operation Results > GROUP S ACTIVITIES IN Insurance...20 Property and Liability Insurance...20 Special Risk Insurance...24 Personal Insurance...26 Sales Channel Development Reinsurance Inwards Reinsurance...33 Outwards Reinsurance...34 Loss Adjustment Property Insurance Loss Adjustment...35 Personal Insurance Loss Adjustment and Program Support...36 Medical Infrastructure Development Regional Network International Development Investment Activity Personnel Management Information Technology Charity and Sponsorship > GROUP S FINANCIAL STATEMENTS...52 Consolidated Statement of Financial Position Consolidated Aggregate Income Statement > CONTACT INFORMATION...58

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7 SOGAZ Annual Report, 2011 A word from the Chairman of the Board of Directors > DEAR SHAREHOLDERS! For a number of years SOGAZ Insurance Group has been demonstrating steady development, consistently expanding presence in key industries of the Russian economy. As of today, the Group s total assets exceed 100 bln roubles; the scale of business places SOGAZ among the top three largest Russian insurers. In 2011 many leading Russian companies and corporations chose SOGAZ as their insurer, associating the company with reliability and dynamic progress. The same choice was again made by Gazprom, and we believe that our decision is definitely the right one. At the same time, I am positive that SOGAZ still has an immense development potential that should be realized through further business diversification and competitive capability enhancement, while preserving the high efficiency of insurance activities. These are the tasks that SOGAZ Insurance Group Development Strategy for will build on. I am pleased to note that work along this line started last year: SOGAZ team was augmented with professionals boasting impeccable reputation in the insurance market; the Company s organizational structure is being improved, the business process system is being streamlined, new technologies are being introduced. In the near future the Group intends to entrench its position in small and medium business insurance, foster partner channels to sell insurance products, expand the comprehensive insurance program for corporate client employees. Chairman of the Board of Directors, OJSC SOGAZ, Chairman of the Management Board, OJSC Gazprom, A.B. Miller I am sure that all these and other measures taken by the SOGAZ management and supported by shareholders will contribute to the further growth of the Company s value and to the strengthening of its leading positions in the Russian insurance market. 5

8 SOGAZ Annual Report, 2011 A word from the Chairman of the Management Board > DEAR SHAREHOLDERS, CLIENTS, PARTNERS AND EMPLOYEES OF SOGAZ INSURANCE GROUP! Chairman of the Management Board, SOGAZ Insurance Group S.S. Ivanov Over the past year SOGAZ Insurance Group has proved its status as the most profitable and efficient insurance company in Russia. According to international accounting standards, the Group s premium written has grown by 18% and made over 60 bln roubles, while net profit has increased by 19%, reaching 6.9 bln roubles. SOGAZ occupies the first place in Russia in terms of equity, which has risen by 20% over the year and made 34.3 bln roubles. Particular attention to capitalization, adequacy of insurance reserves and reliable risk reinsurance were appreciated by the expert community: in 2011, Standard&Poor s, one of the most respectable international rating agencies, for the first time increased SOGAZ s rating to investment grade. SOGAZ Insurance Group is an all-purpose nation-wide insurer. The Group s regional network includes over 600 divisions and sales offices from Kaliningrad to Khabarovsk. It is no coincidence that more and more large companies and corporations trust us for insurance coverage. In 2011 SOGAZ Group added to its client base Saipem, an Italian engineering com-pany, Irkut Corporation, Bashneft, and a number of IES- Holding companies. Important victories were won in insurance tenders of RusHydro, Rostelecom, Nornickel; a major insurance contract for USD 30 bln was renewed with Evraz. SOGAZ continued active participation in the insurance of major investment projects such as Nord Stream, Jubga Lazorevskoye Sochi gas pipeline, underwater tunnels across the Nevelsky Strait and the Baidaratskaya Bay, and construction at the Kirinskoye gas condensate field. 6

9 SOGAZ Annual Report, 2011 Owing to the professionalism and strict compliance with obligations, the Group s reputation as an exceptionally reliable partner is constantly gaining strength: over 500,000 Russians chose OJSC SOGAZ as their insurer in Remarkable success was achieved by our subsidiaries, too: IC SOGAZ-LIFE demonstrated almost double growth in gross written premium, and SOGAZ-MED, one of the largest health insurers in the country, started operations in the Moscow insurance market. Enormous work was carried out to adjust the losses incurred in 2011 and earlier. SOGAZ paid all claims in respect of the Novokuibyshevsk Refinery, which exceeded 900 mln roubles. The losses caused by the notorious ice rain of 2010 were adjusted. Claims were paid to the passengers of the Tu-154 plane belonging to Kogalymavia that had burned in Surgut; first claims were paid to the heirs of the Yaroslavl Locomotive hockey players who had been killed in a tragic accident last September; thousands of other insured events were settled. As in the past, we continue to carry out the social policy aimed at supporting socially vulnerable children, the healthcare system, as well as professional and amateur sports. In 2011, SOGAZ for the first time became the General Partner of the Russian National Football Team as well as the official partner of the Football Championship of Russia. I am positive that these and other projects will contribute to new victories of Russian athletes, popularizing and improving the prestige of the national sports all around. We achieved a lot in the past year and we can be proud of the results. I am grateful to the Company s shareholders for their unfaltering support and to our clients and partners for their open-mindedness and readiness for mutually beneficial cooperation. I would like to express appreciation to all SOGAZ employees for their energy, professionalism and passion in work. These qualities make us believe that our Company can face any challenge. 7

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11 ABOUT SOGAZ INSURANCE GROUP At the end of 2011, the total insurance premium collected by the Group s companies amounted to 122 bln roubles

12 01 About SOGAZ Insurance Group Annual Report, 2011 About SOGAZ Insurance Group > YEAR OF ESTABLISHMENT: 1993 > ACTIVITIES: The Group is licensed to provide all types of insurance services as well as to carry out reinsurance activities > GROUP MEMBERS: OJSC SOGAZ OJSC IC SOGAZ-Med LLC IC SOGAZ-Life LLC IC SOGAZ-Agro SOVAG (Germany) SOGAZ a.d.o. Novi Sad (Serbia) LLC Gazprommedservice SOGAZ International Medical Center CJSC MC Leader > AUTHORIZED CAPITAL OF CORE INSURANCE COMPANIES OJSC SOGAZ OJSC IC SOGAZ-Med LLC IC SOGAZ-Life 8,042 mln roubles mln roubles 530 mln roubles 10

13 About SOGAZ Insurance Group Annual Report, > RATINGS: STANDARD & POOR S INTERNATIONAL FINANCIAL STRENGTH RATING AND COUNTERPARTY CREDIT RATING (OJSC SOGAZ): ВВВ-, OUTLOOK STABLE NATIONAL FINANCIAL STRENGTH RATING (OJSC SOGAZ): ruaa+-, OUTLOOK STABLE А. М. BEST EXPERT RA FINANCIAL STRENGTH RATING (OJSC SOGAZ): В++, OUTLOOK STABLE ISSUER CREDIT RATING (OJSC SOGAZ): bbb, OUTLOOK STABLE INSURER RELIABILITY RATING (OJSC SOGAZ): А++ HEALTH INSURER RELIABILITY AND SERVICE QUAL- ITY RATING (OJSC IC SOGAZ-Med): А++ LIFE INSURER RELIABILITY RATING (OJSC IC SOGAZ-Life): А++ 11

14 01 About SOGAZ Insurance Group Annual Report, 2011 [01.1] Management > OJSC SOGAZ MANAGEMENT BOARD Sergey Sergeevich Ivanov Chairman of the Management Board Vladimir Mikhailovich Nosov Deputy Chairman of the Management Board Damir Anvyarovich Aksyanov Deputy Chairman of the Management Board Sergey Viktorovich Okhotnikov Deputy Chairman of the Management Board Andrey Igorevich Botishchev Deputy Chairman of the Management Board Mikhail Evgenievich Putin Deputy Chairman of the Management Board Nikolay Vladimirovich Galushin Deputy Chairman of the Management Board Galina Sergeyevna Talanova Deputy Chairman of the Management Board Olga Borisovna Krymova Deputy Chairman of the Management Board Anna Mikhailovna Gabeleva Chief Accountant, Member of the Management Board Aleksey Ivanovich Leonenko Deputy Chairman of the Management Board Tatiana Nikolaevna Portone Executive Director for Information Technologies, Member of the Management Board 12

15 About SOGAZ Insurance Group Annual Report, [01.2] Position in the Insurance Market > RUSSIAN INSURANCE MARKET: 2011 RESULTS According to the Federal Financial Markets Service, the total premium written (exclusive of reinsurance) reached 1,271 bln roubles in 2011, thus exceeding the 2010 proceeds by 21.7% (the increase in 2010 was 6.8%). Aggregate claims paid reached bln roubles, which is 15.5% higher than the year earlier. Premium increase occurred across all types of insurance. The growth of the insurance market has been primarily due to state and private investment programs, growth of industrial production, increase in the budget for employee social insurance packages. Significant influence was also caused by the development of retail motor insurance and joint programs with banks: according to the Central Bank of Russia, 2011 alone the loans issued to individuals rose by 38%. The market structure did not change significantly in The main growth drivers were (figures in parentheses represent the market share exclusive of compulsory health insurance): - motor hull insurance for individuals and legal entities (24.8%) increase by 19.7 bln roubles and 5.8 bln roubles respectively; - legal entity property insurance (14.5%) increase by 15.7 bln roubles; - legal entity voluntary health insurance (12.9%) increase by 11.5 bln roubles; - individual CMTPL (12.8%) increase by 10.4 bln roubles; - life and accident insurance for individuals and legal entities (12.6%) increase by 16.1 bln roubles and 8.3 bln roubles; - agricultural risk insurance (2.4%) increase by 6.5 bln roubles, or +66.2%. > Split of premiums by lines of business, Bln RR CMTPL - Liability - P roperty and financial risks - Personal insurance - Life insurance - Compulsory health insurance The year 2011 was notable for an upsurge in life insurance premium written. The largest increase was associated with risk insurance, which has been actively developing due to the increasing number of mortgages (almost double 13

16 01 About SOGAZ Insurance Group Annual Report, 2011 > Number of insurance companies on the market, compared with 2010) and consumer (30% growth) loans issued. The significant increase in voluntary health insurance, which accounts for the bulk of premiums in the voluntary personal insurance market, is connected with the growing prices for medical services and gradual recovery of personal insurance budgets of employees of large companies. The growth in consumer lending and increase in insurance budgets of legal entities also contributed to the increase in personal accident and health insurance premium. The main growth drivers in property insurance were personal and corporate property insurance, motor insurance and agricultural insurance. Premium growth in legal entity insurance was a result of the overall recovery of the Russian economy and, specifically, the growth in industrial production and investment in fixed capital. The increase in motor insurance premium was caused by the realization of deferred demand in the general public for cars and the development of partner sales in cooperation with banks and car dealerships. The increase in new car sales was about 40%. In 2011, for the first time since compulsory motor third party liability insurance had been introduced in Russia, the rate of growth in premium in this activity was several times greater than the rate of growth in claims paid. High figures in the agricultural insurance market in the past year resulted from allocation by the government of over 5 bln roubles on crop insurance. However, Federal Law No. 260-FZ dated July 2011 On State Support in Agricultural Insurance set forth a new framework for carrying out activities in the market, which presently impedes evaluation of its further development. The insurance market continued to concentrate in Stricter requirements to insurers financial stability, including an increase of the minimum authorized capital, led to forced mergers and acquisitions, especially at the regional level. The biggest number of mergers and acquisitions occurred in compulsory health insurance. A number of bankruptcies in the market was a consequence of errors in business management, actions of supervisory authorities or failed sales deals. The year was also notable for mergers associated with business development of insurance sector leaders. The share of 10 leading insurance groups in premium written crossed the 60% threshold (exclusive of compulsory health insurance) as early as in 2010, and in 2011 it exceeded 61%. Over the year the number of insurance companies reduced from 618 to

17 About SOGAZ Insurance Group Annual Report, > RUSSIAN INSURANCE MARKET: 2011 RESULTS premiums, increase claims paid, increase claims bln roubles in 2011/2010 bln roubles 2011/2011 level PROPERTY INSURANCE % % 43.7% Corporate property insurance, including financial risk insurance % % 21.4% Civil liability insurance of hazardous industrial facility operators % % 9.9% Liability insurance (other) legal entities % % 7.5% Agricultural insurance legal entities % % 50.9% Cargo insurance legal entities % % 11.1% Railway transport insurance, including liability insurance % % 27.5% Air transport insurance, including liability insurance % % 30.8% Water transport insurance, including liability insurance % % 51.0% Ground transport insurance, including liability insurance, except for railway transport legal entities % % 55.1% CMTPL legal entities % % 39.6% Individual property insurance % % 16.8% Ground transport insurance, including liability insurance individuals % % 64.7% CMTPL individuals % % 57.6% Other property insurance individuals % % 17.8% PERSONAL INSURANCE % % 50.8% Personal accident and health insurance legal entities % % 19.5% Personal accident and health insurance individuals % % 14.2% Voluntary health insurance legal entities % % 75.0% Voluntary health insurance individuals % % 80.0% Life insurance % % 22.2% Compulsory personal insurance % % 86.9% TOTAL INSURANCE (excluding compulsory health insurance and reinsurance) % % 45.7% Compulsory health insurance % % 96.8% REINSURANCE % % 39.5% Source: Federal Financial Markets Service, 2012 revised data 15

18 01 About SOGAZ Insurance Group Annual Report, 2011 > GROUP OPERATION RESULTS In 2011 SOGAZ Insurance Group demonstrated a positive trend in insurance premium. The Group s share in the insurance market grew by more than one-fourth in the past 5 years and in 2011 exceeded 9.3%, including compulsory health insurance (118.4 bln roubles). Throughout many years SOGAZ has ranked among the top three largest insurers in Russia and is the absolute leader in personal insurance. As before, SOGAZ has demonstrated the best profits in the insurance market. > Market share growth, total insurance charges, % In the reporting year, the Group took the second place in the market in terms of premium written and became the leader in voluntary (classic) insurance. Significant success was achieved by SOGAZ in life insurance, where the Group s market share doubled, reaching 9.0% (3.1 bln roubles). The Group s share of claims paid on all types of insurance except compulsory health insurance made 9%. The total volume of claims exceeded 27 bln roubles; in addition, over 1 bln roubles was paid out under reinsurance contracts. 9,3 % ,3 % 2007 At the end of the year the Group led the market in the following segments: - personal insurance; - retirement insurance; - voluntary health insurance; - corporate and individual property insurance; - civil liability insurance of hazardous production facility operators. The Group ranks among the top three insurers in property insurance (including liability and financial risk insurance), cargo insurance, non-motor liability insurance. 16

19 About SOGAZ Insurance Group Annual Report, > SOGAZ GROUP: 2011 RESULTS charges, increase place market claims, claims bln roubles in 2011/2010 share bln roubles level Total, exclusive of reinsurance % 2 9.3% % Voluntary and compulsory insurance (excluding compulsory health insurance), total % 2 8.8% % Personal insurance (excluding life insurance) % % % Property insurance, total % 3 9.4% % Including: property insurance of legal entities and individuals % % % cargo insurance % 2 7.3% % civil liability insurance of hazardous industrial facility operators % % % Compulsory health insurance % 3 9.9% % Reinsurance % 2 7.9% % Source: Federal Financial Markets Service, update of > SOGAZ INSURANCE GROUP PORTFOLIO STRUCTURE (excluding compulsory health insurance) 53% Property insurance 2% Insurance of business and financial risks 2% Compulsory insurance 3% Liability insurance 4% Reinsurance 5% Insurance 31% Personal insurance (exclusive of life insurance) 17

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21 ACTIVITIES OF THE GROUP in 2011 SOGAZ paid out over 27 bln roubles to its clients in 2011

22 02 Activities of the Group Annual Report, 2011 [02.1] Insurance > PROPERTY AND LIABILITY INSURANCE Property insurance for key corporate clients At the end of 2011, SOGAZ Insurance Group conquered the corporate property insurance market. The trust of the Company s strategic clients remains the key factor of success: for many years SOGAZ has been providing insurance coverage for fixed assets of Gazprom Group and Rosatom companies, Rosneft Oil, Severstal, power grid and generating companies. SOGAZ once again confirmed that it is prepared to provide insurance coverage of major risks of the country s backbone enterprises that lay down the strictest requirements to an insurer s financial capabilities. One of the year s remarkable results was winning an open tender for insuring the property interests of OJSC Gazprom subsidiaries for the period of According to the terms of the contract, SOGAZ is to provide coverage for the production en-terprises property: line facilities, technical equipment and fittings of gas, oil and product pipelines; machines and mechanisms against breakage; risk of produc-tion interruption loss; risk of well control loss. In the past year SOGAZ insured property risks of over 20 companies of SIBUR Group, 4 power companies of Gazprom Group, including WGC-2 and Mosenergo. Tenders were won to insure IDGS Holding subsidiaries for 3 years. Continued coverage was provided for Rosenergoatom s large-scale program to commission five new energy units. The Company insured complicated capital construction projects, such as Jubga Lazorevskoye Sochi gas pipeline, underwater tunnels across the Nevelsky Strait and the Baidaratskaya Bay, and the construction at the Kirinskoye gas condensate field. 20

23 Activities of the Group Annual Report, During the year contracts were renewed and tenders were won, following which comprehensive property insurance is continued for the Sakhalin-1 project, fixed assets of Evraz Holding in Russia and Ukraine, fixed assets (including foreign) of OJSC Gazprom Neft, property insurance of TVEL Corpo-ration, ARMZ uranium holding company, etc. By winning the tenders the Group obtained new clients in property insurance, such as Novatek, Rushydro, Orenburg TGC, WGC-3, VSMPO-AVISMA Corporation, a number of IES-Holding companies. The Group also won a tender to insure the group of buildings of OJSC ROSNANO. In 2011 Bashneft, one of the country s largest oil companies, insured its assets with SOGAZ. A oneof-a-kind insurance contract was signed with Industrial Association Sevmash with participation of OJSC Rosoboronexport and OJSC United Shipbuilding Corporation. During the year, the Group insured major risks of Yekaterinburg Koltsovo Airport, LLC Primorsk Oil Terminal and a number of other enterprises. The key event in terms of strategic partnership development was the renewal of cooperation with Rosneft for the insurance of assets and risk of production interruption loss. Construction and installation risk insurance According to Expert RA rating agency, SOGAZ Insurance Group is the leader in construction and installation risk insurance. In 2011 SOGAZ asserted its position in the construction and installation risk insurance market by signing over 4,000 insurance contracts, including liability insurance during construction work. The biggest contracts were entered into as part of national and global projects of Gazprom, Rosneft and a number of the Group s other strategic clients. Coverage was provided against construction and installation risks and liability of contractors engaged in the project to expand the Caspian Pipeline Consortium, including the risks of Italian-based company Saipem connected with subsurface operations. SC ROSATOM 16 billion roubles >< were invested in the construction of the nuclear waste dry storage facility at the integrated mining and chemical plant in Zheleznogorsk, Krasnoyarsk Territory. The facility was put into operation in late The new storage facility ensures safe storage and transportation of nuclear waste for the next 50 years. OUR CLIENTS SUCCEED SOGAZ continued robust work to insure projects within Gazprom s investment program: construction and installation risks were insured in the operations on the Kirinskoye gas condensate and Bovanenkovskoye fields, on the Sakhalin-Khabarovsk-Vladivostok, Bovanenkovo-Ukhta, Pochinki-Gryazovets gas pipelines, as well as the North European gas pipeline. Insurance coverage was also provided against construction and installation risks under investment programs of RZD, power grid and generating companies. 21

24 02 Activities of the Group Annual Report, 2011 One of the noticeable events of the year was the conclusion of two construction and installation risk insurance contracts with CJSC ROSENGINEER- ING, which participates in the construction of Sochi Olympic facilities, with the overall liability limit of over 35 bln roubles. In 2011 SOGAZ insured construction and installation risks for the construction of the Molodogvardeyskaya traffic intersection one of the largest road construction projects in Moscow. Moreover, SOGAZ provided insurance coverage for several toll road construction projects implemented by State Company Russian Highways. An important achievement of the year was the commencement of fullscale cooperation with Spetstroy of Russia, owing to which SOGAZ expanded its participation in the insurance of major infrastructure projects. In the second half of the year the first nine defense and industrial facilities were insured during their construction and reconstruction. GAZPROM 27.5 billion m 3 of gas will be annually supplied to the European Union through the first NordStream gas pipeline, which was put into operation in November >< According to the forecast gas import to the European Union countries will increase by 200 billion m3, which is more than 50%, over the next decade. next 50 years. OUR CLIENTS SUCCEED Significant construction and installation risk insurance projects also included the insurance of works at the Tuapse Refinery, contracts with OJSC Cherepovetsky Azot and LLC Montazhstroy in Novy Urengoy. Risks were insured in the construction and reconstruction of hotels, residential houses, social and sports facilities in Tarko-Sale, Tobolsk, Megion, Sakhalin and a number of other regions. Matters of specific interest include construction and installation risk insurance in the construction of historical and cultural projects, for example, the Monument Temple in the Katyn memorial. Small and medium business property insurance Development of small and medium business property insurance was one of the main objectives of the regional divisions of SOGAZ Insurance Group s in SOGAZ portfolio was not only supplemented with industrial, warehousing and office premises, but also with printing shops and poultry factories, mineral water bottlers and pasta producers, milk factories, bus stations, sports infrastructure facilities. In the past year, many contracts were signed with trading companies for the insurance of movable property in stock and in circulation: from cars and engine oils to home appliances and foodstuffs. Hazardous production facility owner liability insurance At the end of 2011 SOGAZ remained the unchallenged leader in hazardous production facility insurance and occupied about 28% of the market, leaving competitors way behind. The Group s yearly insurance premium from this activity amounted to over 450 mln roubles. 22

25 Activities of the Group Annual Report, After the enactment of the law On Compulsory Civil Liability Insurance of Owners of Hazardous Facilities Against Damage Resulting from Accidents at Hazardous Facilities on 1 January 2012, all hazardous production facility owners have been obliged to procure hazardous production facility insurance policies. There are currently over 300,000 hazardous facilities operating in Russia. In 2011 SOGAZ carried out serious preparatory work, which enabled hazardous production facility owners to ensure timely and full compliance with the requirements of the law. The Group s clients whose operations have been regulated by the hazardous production facilities law since 2012 include gas, oil, power, production, transport and other businesses. Cooperation with nuclear industry enterprises has been one of the key areas of SOGAZ s business for many years. An important project of the year was providing third party liability insurance for Rosatom s core companies operating nuclear facilities within the framework of the Russian Nuclear Insurance Pool subject to the terms of the Vienna Convention on Civil Liability for Nuclear Damage. > Increased proceeds from insurance charges for liability insurance of hazardous production facility owners D&O Insurance SOGAZ became one of the first insurers in the Russian market to offer its clients directors and officers liability insurance, which is widespread in the West. In the past two years Russia has also been experiencing a steady growth in the D&O segment, connected with the post-crisis recovery of the economy, increasing activity of major public companies, IPOs and placement of securities in the international stock market. Gazprom and Rosneft have been the biggest clients of SOGAZ in D&O insurance since In 2011 contracts were awarded to provide D&O insurance to SIBUR, Rostelecom, OGK-2, FGC UES, Severstal. Insurance of hazardous production facility owners, million roubles Market share, % Other liability insurance (except transport insurance) Insurance of third party liability associated with business activities is commonly used in property insurance contracts. SOGAZ insures the liability of businesses and organizations in various industries: plants, management companies, airports, hospitals, city administrations and services, and many more. 23

26 02 Activities of the Group Annual Report, 2011 Thus, in 2011, SOGAZ provided OJSC Power Machines with civil liability insurance coverage against damage to life, health and property of third parties and the environment caused by production activities, installation supervision, adjustment and alignment, long-term equipment maintenance services, as well as by defects in products or works. Civil liability insurance contracts were signed with Rosatom against damage resulting from a radiation accident during transportation of radioactive materials. SIBUR 18 billion m 3 >< of associated gas was taken by SIBUR gas treatment plants for refining. This is 3.3% more than in The clients most actively procuring liability coverage were members of self-regulated construction organizations, which is required by the conditions for joining a self-regulated organization: the amount of obligatory member contribution to the compensation fund is significantly reduced if the construction company enters into a liability insurance contract. In 2011, SOGAZ insured over 6,000 construction companies against damage to life, health and property of third parties and the environment resulting from defects in construction work. Policyholders include Boguchanskaya HPP, Donaerodorstroy, Altaigazprom, Moscow Regional Construction Trust No. 11, Uralgazstroy Concern, United Coal Company Yuzhkuzbassugol, SUEK-Kuzbass, and others. > SPECIAL RISK INSURANCE OUR CLIENTS SUCCEED Ground transport insurance At the end of the year the Group s premium in ground transport insurance amounted to 3.8 bln roubles. The aggregate premium in CMTPL exceeded 1.1 bln roubles. An important contribution to the Company s financial result was the activities of the branches, which won 362 tenders to award CMTPL contracts. The Tomsk Branch of OJSC SOGAZ was particularly successful, winning a whole number of tenders announced by state and municipal entities in the Tomsk Region and the Republic of Sakha (Yakutia). SOGAZ policy in respect of motor hull insurance has been traditionally associated with moderate expansion and tight control of loss ratio, due to which the majority of such contracts is signed with corporate clients: Gazprom Group, RZD, nuclear industry enterprises. By the end of 2011, based on the Activities 24

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