Uzbekinvest, a prominent insurance company, has announced a significant surge in premium collections for the first nine months of 2023, marking a remarkable increase compared to the same period in the previous year.
During the first three quarters of 2023, Uzbekinvest collected premiums amounting to UZS 938.4bn (around $77mn), showcasing a remarkable growth rate of 210% compared to the corresponding period in 2022. This achievement underlines the company's ability to attract more clients and provide comprehensive insurance coverage.
Moreover, Uzbekinvest achieved substantial progress in the reinsurance segment, grossing $35.5mn in premiums. This figure represents a remarkable 156% increase compared to the previous year. The company's dedication to ensuring robust reinsurance support demonstrates its commitment to safeguarding the interests of its clients.
One noteworthy aspect of Uzbekinvest's operations is its focus on providing insurance services for national exporters of goods and services. In 2023, the company extended insurance protection worth $1.8mn to these vital contributors to the national economy. This support not only serves as a safety net for exporters but also fosters economic stability and growth.
The corporate segment has been a particularly fruitful area for Uzbekinvest. Premium collections in this segment amounted to an impressive UZS 479.1bn (over $39mn), representing a staggering increase of 3.4 times compared to the results of the first nine months of 2022. The company's success in establishing partnerships and securing over 70,000 contracts with legal entities underscores its growing footprint in the corporate insurance landscape.
In an exciting development, Uzbekinvest is gearing up for an Initial Public Offering (IPO). The company plans to issue and place 14,110,820 preferred shares, which constitutes 5% of the firm's authorized capital. These shares will be offered as part of the upcoming IPO, with fixed dividend income set at the "key rate of the Central Bank + 10%." The IPO is expected to be a significant milestone in Uzbekinvest's journey and will likely attract investors eager to be part of the company's success story.
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