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Analysis of the financial stability of an insurance company using the example of Reso-Garantiya OJSC. Assessment of the solvency and financial stability of an enterprise using the example of OJSC "reso-garanty" Financial stability of reso-garanty

PRACTICE REPORT

Solvency assessment and financial stability enterprises using the example of OJSC "RESO-Garantiya"

1. general characteristics JSC "RESO-Garantiya"

2. Analysis of the solvency and financial stability of the company

3. Main conclusions about the company's performance for the period 2008-2Q. 2010

Open insurance joint-stock company "RESO-Garantiya" was founded on November 18, 1991. This is universal Insurance Company with licenses Federal service insurance supervision C No. 1209 77 for 104 types of insurance and P No. 1209 77 for reinsurance. Life insurance license - C No. 4008 77 dated March 13, 2007 - issued to the subsidiary company OSZh RESO-Garantia LLC.

RESO-Garantiya occupies a leading position in Russian market insurance services, is one of the leading domestic players in the insurance industry in terms of the volume of premiums collected and is one of the leaders in the field of retail insurance. At the same time, the priority areas are car insurance (both CASCO and OSAGO), voluntary health insurance, as well as property insurance for individuals and legal entities. RESO-Garantiya also provides services in accident insurance, mortgage insurance, travel and other types of insurance.

According to the Federal Insurance Supervision Service, at the end of 2009, RESO-Garantiya Insurance Company took 4th place in insurance premium collections. For success in work and high quality of customer service, the company has been awarded a number of high awards and prizes. In particular, the “Financial Olympus” prize and the annual prize awarded by the magazine “Finance”. At the end of 2009, the company received for the second time the prestigious title “People’s Brand/Brand No. 1 in Russia” (analogous to the Soviet “Quality Mark”).

RESO-Garantiya IJSC has the highest reliability rating possible for domestic companies today, A++, from the Expert RA rating agency, which corresponds to an “exceptionally high level of reliability.” In addition, at the beginning of 2009, the National Rating Agency (NRA), which a year earlier assigned an individual reliability rating of “AAA” - the maximum level of reliability,” confirmed the company’s previous high rating (see Appendix 1)

In 2009, RESO-Garantiya Insurance Company took 157th place in the most authoritative domestic ranking list of the largest Russian companies"Expert-400".

The professionalism of the employees of RESO-Garantia Insurance Company is recognized by the entire insurance community of Russia: the company is an active member of the majority of professional insurance associations in the country, including the All-Russian Union of Insurers and the Russian Union of Auto Insurers. The company became one of the Russian companies that received the right to issue Russian Green Card policies.

The company was registered by the Moscow Registration Chamber on September 22, 1993 under No. 005.537. TIN 7710045520. Entered into the Unified State Register of Legal Entities under number 1027700042413 on July 19, 2002.

The company has one of the most developed agent networks, where over 20,000 insurance agents work. The focus on improving and expanding the agent sales channel is the company’s advantage and difference from most domestic insurers. Even in conditions economic crisis The retail channel for promoting insurance services maintains stable (and in many cases growing) collection volumes.

All RESO agents are certified in accordance with strict internal rules and standards for the provision of insurance services, undergo annual recertification in agencies and branches, in addition, the company has an effective system of distance learning and testing of insurance representatives of the society.

The developed system of branches makes RESO-Garantiya Insurance Company a company of national scale. Today the federal network already includes more than 800 sales offices in all regions Russian Federation. Besides, insurance policies IJSC "RESO-Garantiya" sells several dozen brokerage companies. The company's clients include about 5.4 million corporate and retail clients.

The company is actively present not only in metropolitan cities, but also in the provinces, making significant investments in the development of branches in all the most promising regions of the Russian Federation in terms of economic potential and opportunities for insurance activities. During 2009, the company opened more than 170 new sales structures with established teams of insurers under the special Development program. By creating an agent network, branches of RESO-Garantia Insurance Company ensure the provision of reliable and modern insurance and services to any categories of policyholders in accordance with the standards and advanced sales technologies available to the company.

The priority areas in the work of most branches are insurance of motor vehicles, medium and small businesses, life, health and property of citizens. All branches and divisions of the company are connected by a single Corporate information system with the ability to work in real time - online, which allows you to serve clients at the highest level, ensures prompt payment of insurance compensation, makes it possible to quickly make adjustments to the tariff policy and make other relevant management and business decisions. At the same time, not only branches, agencies and other divisions, but also individual agents and brokers have the opportunity to confidential and secure remote access from personal computers to the corporate system in the “Modern Agent” program.

The quality of insurance protection is ensured not only by significant equity capital and many years of insurance experience, but also by reinsurance protection in such large and world-famous reinsurance companies as Munich Re, Swiss Re, SCOR, Hannover Re, AXA, Lloid’s syndicates.

In 2009, the company retained the main development features inherent in it over all recent years: balance and a high degree of diversification of the insurance portfolio - both in industry structure and geographical distribution of risks, focus exclusively on classic types insurance, highly professional underwriting, priority attention to reinsurance protection of the portfolio, as well as monitoring compliance with regulatory indicators.

The federal status of the RESO company - Guarantee is supported by the structure of its insurance fees and payments. Thus, in 2009, the company’s Moscow and Moscow region representative offices collected 17.3 billion rubles. insurance premiums, and distant branches (including St. Petersburg and the Leningrad region) - 13.1 billion rubles. As for insurance payments, the regions (including St. Petersburg and the region) account for 8.3 billion rubles. and 10.2 billion rubles. – in Moscow and the Moscow region.

In 2009, the company became one of the leaders in implementing the procedure for direct compensation of losses (DCL) under compulsory motor liability insurance in Russia, in which a victim of the actions of another participant in an accident can apply for payment to his own insurance company, and not to the company of the person responsible for the accident. During the year that this procedure was in place, the company settled 15.6 thousand claims under the PES, offering its clients a truly European level of service. In particular, for its policyholders the company offered a unique opportunity to receive an insurance payment under the PPV within 7 days after receiving all necessary documents(despite the fact that the Law allows 30 days for the settlement of a claim). This became possible thanks to the well-functioning and clear payment system that exists in the Company.

The high-tech 24-hour call center continues to operate, which you can contact, including by calling toll-free hotline, connecting the company with the farthest corners of the country. The center's operators provide round-the-clock, qualified assistance to the company's clients, as well as those affected by the actions of policyholders under compulsory motor liability insurance. A number of the company's sales divisions in Moscow have also been switched to round-the-clock operation: they can now receive insurance advice, issue a policy, and make the next payment under the contract at any time convenient for clients. A single claims settlement center has been created.

RESO-Garantiya IJSC has a unique actuarial base, supported information resources. Thanks to the transition of the entire company to paperless document flow and online work, a centralized procedure has been introduced accounting and reporting of branches. The company's clients are not only tens of thousands individuals, but also thousands of organizations. Our clients include several thousand of the largest Russian and foreign companies, enterprises and firms of various profiles. Including such leaders Russian economy, such as "Goznak", "Vodokanal of St. Petersburg", "RKK Energia", "Mosproekt-2", "Wimm-Bill-Dann", "Rosneft", "Eldorado", "Technosila", "Megafon", "BeeLine" ", MGTS, "Rostelecom", "Intourist", "Aeromar", the Ritz Carlton Hotel, "Kaspersky Lab", "Word Class", "Protek", the pharmacy chain "36.6", "Alfa Bank", "UniCredit Bank ", "Bank Zenit", "Bank of Moscow", "MDM Bank", banking group "NORDEA", "First Czech-Russian Bank", MICEX, "Karo-film", ITAR-TASS, TV channel "Russia Today", Publishing House Kommersant, Za Rulem Publishing House, NTV, AFI Development Holding, TransCreditLeasing, Euroservice, Mistral Tracing, Sakhalinugol, Rusengineering, Panavto, Jenser, CentroInstrument , "Petelinskaya poultry farm", Trade company AIC "Cherkizovsky", "SPAR RETAIL", "Polyneftekhim", "AvtoVAZ", Russian representative offices of "Kraft Foods", "Xerox", "Red Bull", "Kelly Services", "Mitsubishi Electric", "Otis", "Samsung" ", "Volkswagen", "Ford", "Mazda", "Toyota", "Jaguar", "Land Rover", "Volvo", "Rolf", "Michelin", BBDO, "Sharing Plow", WWF and others.

The company plans to continue to concentrate its efforts on developing the insurance business in Russia, primarily focusing on the retail segment of the market. It plans to strengthen its presence in the market, including regional ones, and offer a wide range of insurance products, such as auto insurance (MTPL, CASCO, voluntary insurance auto civil liability, insurance of additional unforeseen expenses on the road - the "RESOauto-Help" policy), medical insurance (the company became one of the pioneers in providing voluntary medical insurance services to individuals not only in Moscow, but also in St. Petersburg and Nizhny Novgorod, in 2009 the company opened her own specialized children's clinic "RESO-children" in Moscow), property insurance.

RESO-Garantiya IJSC carries out its sales through a wide agent network, which allows it to maintain an active client base and control the quality of the services provided by the company.

Insurance and investment activities will remain sources of future income. Continued financial crisis may have some impact on the company's results of operations in 2010. Most likely, consumer demand for some insurance services will not recover to pre-crisis levels: in particular, this concerns the volumes bank lending, which is traditionally accompanied by insurance of collateral, as well as sales volumes of new Vehicle car dealers. All this cannot but affect the volume of sales of insurance services. However, these negative processes are largely offset by the concentration of the insurance market. The resilience of the agent sales channel to the crisis also plays a significant positive role. In addition, when budgeting its expenses for 2010, the company achieved a significant reduction in them. The set of anti-crisis measures taken will allow the company to overcome the negative consequences of the crisis as effectively as possible. (see Appendix 2) The register of shareholders of the Company contains nominee holders representing the interests of major shareholders- Limited Liability Company "Deutsche Bank" - participation share 93.256 percent, Closed Joint Stock Company commercial Bank Citibank - participation share 6.315 percent, Federal Agency for Federal Property Management - participation share 0.001 percent. The issuer's main competitors in the retail segment are the Open Joint Stock Company "Russian State Insurance Company" (Rosgosstrakh), the Open Joint Stock Company "Ingostrakh" and the Open Joint Stock Company "Russian People's Insurance Company "ROSNO" and OJSC "SOGAZ".

Analysis of the solvency and financial position of the issuer based on economic analysis dynamics of indicators is presented in table 1.

Table 1

Indicator name
Issuer's net asset value
Ratio of the amount of raised funds to capital and reserves, %
Ratio of the amount of short-term liabilities to capital and reserves, %
Coverage of debt service payments, %
Overdue debt level, %
Accounts receivable turnover, times
Share of dividends in profit, %
Labor productivity, thousand rubles/person
Depreciation to revenue, %

Indicators of solvency and financial position of the company RESO - Guarantee for the period 2008-2 quarter. 2010

Calculations were performed based on data financial statements for the corresponding periods, as a result, the amount of funds raised is determined by the formula (line 690 of Form No. 1 – insurer under OKUD – (line 660 of Form No. 1 – insurer under OKUD + line 665 of Form No. 1 – insurer under OKUD + line 670 of Form No. 1 – insurer under OKUD + line 675 of Form No. 1 – insurer under OKUD).

The amount of short-term liabilities is determined by the formula (line 690 of Form No. 1 – insurer under OKUD – (line 610 of Form No. 1 – insurer under OKUD + line 615 of Form No. 1 – insurer under OKUD + line 620 of Form No. 1 – insurer under OKUD + line 660 Forms No. 1 – insurer under OKUD + line 665 Forms No. 1 – insurer under OKUD + line 670 Forms No. 1 – insurer under OKUD + line 675 Forms No. 1 – insurer under OKUD).

Revenue is determined by the formula (line 011 of Form No. 2 – insurer under OKUD + line 081 of Form No. 2 – insurer under OKUD).

Net assets in 2009 compared to 2008 increased by more than 1.2 times, this fact is due to an increase in net profit and additional capital.

The correspondence of the indicators “ratio of the amount of raised funds to capital and reserves” and “ratio of the amount of short-term liabilities to capital and reserves” is explained by the company’s lack of long-term liabilities (except for deferred tax liabilities). Accounts payable is formed as a result of operating activities, therefore the activities of RESO - Guarantees do not depend on bank loans and other sources of financial debt.

The bulk of the obligations to be repaid are obligations to insurance agents and reinsurance organizations. In this regard, the values of the indicator “coverage of debt service payments” are normal for insurance organizations. The absence of overdue debt confirms the company's ability to timely fulfill its obligations.

Accounts receivable turnover shows a stable level of business activity of the enterprise with an upward trend. The bulk of accounts receivable consists of accounts receivable from insurance agents and reinsurance organizations. This indicator balances the indicators characterizing the obligations of the RESO - Garantiya company.

The annual general meeting of shareholders decided to pay dividends on ordinary registered shares of RESO-Garantiya OSJSC based on the results of 2008 in the amount of 13 rubles per share, the total amount of dividends accrued on shares of RESO-Garantiya OSJSC is 403,000,000 rubles. During the periods 2009–2010, no dividends were paid.

Table 2 shows the main indicators characterizing the profit and loss of the enterprise.

Table 2. Profits and losses of the RESO enterprise - Guarantee

Indicator name

Gross profit
Net profit (retained profit (uncovered loss)
Return on equity, %
Return on assets, %
Net profitability ratio, %
Product (sales) profitability, %
Capital turnover
Amount of uncovered loss as of the reporting date
The ratio of uncovered loss at the reporting date and balance sheet currency

An economic analysis of the issuer’s profitability/loss ratio based on the dynamics of the above indicators allows us to draw the following conclusions:

The share of individual types of insurance in the overall portfolio of insurance services has not changed much, with the exception of life insurance. This is mainly due to the fact that, in accordance with the Law “On the Organization of Insurance Business in Russia”, strict specialization of insurance organizations is being introduced from 01/01/2007. The largest share continues to be attributed to property types of insurance and compulsory insurance car owners of vehicles.

Increasing competition among large companies leads to the creation of new insurance products and stimulates the main market participants to reduce costs and improve the quality of management.

When carrying out insurance activities, the main cost item is the payment of insurance compensation. Since a significant part of the portfolio is concentrated in the segment of automobile and voluntary medical insurance, the growth of insurance compensation payments is subject, in particular, to the factor of price inflation for auto repair work and services medical institutions. The increase in the cost of these works and services is taken into account in tariff policy companies.

The total volume of insurance payments for 2009 amounted to 18,686,371 thousand rubles, which is 2,963,371 thousand rubles more than the level of 2008. The largest share in the total volume of insurance payments falls on property insurance and compulsory insurance. To overcome the main factors that negatively affect the company’s activities, the following are used: methods for assessing statistical data, reinsurance, restrictions on the amount and number of insurance contracts concluded, procedures for approving transactions, pricing strategies and constant monitoring of the emergence of new risks.

In pursuance of the Reinsurance Strategy, RESO - Guarantee uses facultative reinsurance and excess of loss reinsurance in order to reduce insurance payments for each agreement. The company constantly monitors the financial stability of reinsurers and periodically updates its reinsurance agreements. Takes appropriate measures to ensure that seasonal increases in the level of payments (for example, payments under various types of contracts relating to vehicle insurance and liability to third parties in connection with the onset of the winter months with their difficult weather conditions) do not cause significant damage.

To determine the liquidity and solvency of the enterprise, let us turn to the main indicators that reflect this dynamics (Table 3)

Table 3. Liquidity of capital of the company RESO - Guarantee.

Based on the above indicators, here are the main conclusions about the state of the company:

1) The current ratio shows the extent to which current assets cover current liabilities and gives an overall assessment of liquidity. In other words, it shows how many rubles of working capital (current assets) are accounted for by one ruble of current short-term debt (current liabilities).

2) The excess of current assets over short-term financial liabilities provides a reserve reserve to compensate for losses that an enterprise may incur when placing and liquidating all current assets, except cash. The larger the value of this reserve, the greater the confidence of creditors that debts will be repaid. A coefficient > 2 usually satisfies.

In its semantic meaning, the quick liquidity indicator is similar to the current liquidity ratio, however, it is calculated for a narrower range of current assets, when excluded from the calculation productive reserves, as the less liquid part of current assets. A ratio of 0.6-1 is usually satisfactory. However, it may be insufficient if a large share of liquid funds is accounts receivable, part of which is difficult to collect in a timely manner. In such cases, a larger ratio is required. If cash and cash equivalents occupy a significant share of current assets ( securities), then this ratio may be smaller.

3) The correspondence of the current and quick liquidity ratios indicates the predominance of liquid assets in the issuer’s working capital, which indicates the issuer’s ability to short time cover your obligations.

Fluctuations in liquidity ratios are due to significant changes in the volume of current assets.

In 2009, the growth of investments as part of current assets led to an increase in liquidity ratios.

The dynamics of the given indicators of liquidity and solvency of the company indicate the ability to fulfill Short-term liabilities and cover ongoing operating expenses.

In order to manage liquidity risk within the framework of the general risk management policy, the company has an established limit on a credit line in one of the Russian banks as a reserve source of working capital. There are currently no significant factors that could lead to changes in the working capital financing policy; insurance premium receipts currently significantly exceed the company’s needs for Money ah for carrying out current activities. (Table 4)

Table 4. Structure and size of the issuer's working capital in accordance with the financial statements.

The RESO-Garantiya company does not use borrowed sources to finance working capital. The main sources of financing for current activities are cash receipts from the insurance premium collected by the issuer.

solvency financial stability joint stock company

Over the past 2009, the volume of premiums has decreased. The share of insurance types in the overall portfolio of insurance services has remained virtually unchanged. The share of compulsory insurance in the total volume of signed contributions has increased significantly compared to last year. In accordance with the Law “On the Organization of Insurance Business in Russia”, strict specialization of insurance organizations was introduced from 01/01/2007, which affected the results of activities in the field of life insurance.

The largest share continues to be attributed to property types of insurance and compulsory insurance of vehicle owners. A significant decrease in the collection of premiums in the reporting period compared to 2008 was accounted for by property types of insurance. At the same time, there is a significant increase in compulsory insurance of vehicle owners by 27 points compared to last year.

The total volume of insurance payments in 2009 amounted to 18,686 million rubles. which is 6878 million rubles more than last year. Mainly due to an increase in payments for property insurance, including for the property of citizens by 1865 million rubles. and personal (health insurance) for 551,216 thousand rubles. In accordance with the concluded agreement on direct compensation for losses (Order of the Ministry of Finance of the Russian Federation dated January 23, 2009 No. 6n), for 2009 the total amount of payments to victims for claims for compensation amounted to 220,469.1 thousand rubles.

In accordance with the Accounting Regulations “Accounting Policy of the Organization (PBU1/2008), approved by Order of the Ministry of Finance of the Russian Federation dated October 6, 2008 No. 106n, accounting policy companies. Accounting policy it is stipulated that direct insurance transactions are reflected in accounting using the accrual method. Accounting for reinsurance transactions is based on the accrual method in accordance with concluded reinsurance agreements.

Recognition of income using the accrual method, as well as the stipulated installment plans for payment of insurance premiums in accordance with the Insurance Rules, leads to the formation of receivables for insurance operations. For 2009, it amounted to 5,060,027 thousand rubles. of which the debt of policyholders is 5,044,444 thousand rubles. and the debt of agents and brokers is 15,583 thousand rubles. Mainly under property insurance contracts large enterprises and organizations. Thus, receivables under transport insurance contracts amounted to 3081 million rubles at the end of 2009, for enterprise property insurance – 930.7 million rubles, under personal insurance contracts – 1182 million rubles, for liability insurance – 50.2 million .rub.

The specified debt amounts to 13.6 percent of the balance sheet currency and 20.2 percent of the total amount of formed insurance reserves.

Accounts receivable for reinsurance operations amounted to 295,462 thousand rubles at the end of the reporting period. Their debt of reinsurers for payments amounts to 85,317 thousand rubles, including 29,535 thousand rubles. is the debt of SK Arkada LLC, which will be repaid during 2010.

Other receivables include balances on accounting accounts 60 (advances issued), 68 (settlements with the budget), 73 (settlements with personnel for other operations) and 76 (settlements with various debtors and creditors). According to the article, advances issued are reflected in the amount of advances issued medical organizations for the provision of medical services in accordance with the conditions stipulated by contracts for the provision of medical and preventive care. At the end of the reporting period, this debt amounted to 487.0 million rubles. and service stations for repairs of insured vehicles - 181 million rubles.

Other receivables at the end of the reporting period amounted to 2,430,280 thousand rubles, including receivables for which payments are expected more than 12 months after the reporting date - 344,877 thousand rubles. This debt includes personnel debt for other operations in the amount of 233886.7 thousand rubles, mainly interest-bearing loans provided to company employees for a period of 1 to 10 years, debt arising as a result of fraud and shortages - 81634.8 thousand rubles ., as well as overdue debt in the amount of 47,253.3 thousand rubles, which includes bank debt on deposits, as a result of the revocation of the license to operate banking operations– 39,903 thousand rubles, counterparties for paid works and services and unfulfilled – 4,074 thousand rubles, insurance representatives for insurance premiums – 3,276.3 thousand rubles. The debt as a result of fraud arose in particular as a result of fictitious payments, their amount amounted to 18,132 thousand rubles, theft of bills - in the amount of 19,963 thousand rubles, dishonesty of insurance representatives, theft - in the amount of 43,539 thousand rubles.

Accounts receivable, payments for which are expected within 12 months after the reporting date, include settlement debts of other organizations, which are caused by the fact that payments under contracts have been made, but work and services have not yet been completed or goods have not been received - 61,579 thousand rubles. , calculations according to financial investments– 451589.1 thousand rubles, debt on settlements for direct compensation of losses with the insurers of the harm-cauter – 37228.2 thousand rubles. overpayment of payments to the budget and off-budget funds– 342,087 thousand rubles. The overpayment of taxes was mainly due to the existing overpayment of income tax on advance payments previously accrued. The total amount of this debt amounted to 2,085,403 thousand rubles at the end of the reporting period. and reflected on page 200 of form No. 1.

Fixed assets include buildings, equipment, vehicles, business equipment and other valuables necessary for the business functioning of the Company. 87.22 percent of the total fixed assets are buildings and equipment and structures. During the reporting period, real estate assets worth 69.5 million rubles were put into operation. , which amounted to 2970.8 million rubles at the end of 2009. Fixed assets are of a production nature and are fully used in the process of providing insurance services and bring economic benefits to the company. Some office space is rented out to other organizations under lease agreements and generate income. The area leased out is reflected in the balance sheet as an investment at the end of 2009, this figure amounted to 559,788 thousand rubles. which corresponds to 13734.1 sq.m.

The value of fixed assets increased by 1.08 times at the end of the reporting period compared to the balance of fixed assets at the beginning of the year. During the reporting period, new office premises were introduced, where the company's branches are located on the territory of the Russian Federation on total area 775.5 sq.m. in the cities of Dmitrov, Cheboksary, Kolchugino, Chelyabinsk, Yaroslavl, computer equipment was updated, vehicles necessary for production purposes and to increase sales were purchased. The change in the value of fixed assets as a result of completion, reconstruction and modernization amounted to 169,867 thousand rubles. These are mainly the costs of reconstructing office premises in Moscow on Nagorny Proezd. In 2010, new real estate objects will be introduced in the cities where the company's branches are located, namely in the city. Omsk, Orekho-Zuevo, Samara, Elektrostal, Surgut for a total area of 2249 sq.m. worth 197.5 million rubles.

Appendix 1. Insurance payments by the company in accordance with the gradation of types of insurance

Type of insurance provided in accordance with the annex to the license
Accident insurance
Medical insurance of citizens
Vehicle insurance
Aircraft insurance
Ship insurance
Cargo insurance
Insurance of property of legal entities and individuals against fire and other dangers
Construction and installation insurance
Animal insurance
Insurance financial risks
Civil liability insurance for car owners
Insurance of liability to third parties during construction and installation works
Civil liability insurance of air carriers for air transportation on international airlines
Insurance of expenses of citizens traveling abroad
Accident insurance (for children) - special conditions
Compulsory insurance for passengers transported by car
Civil liability insurance for tour operators and travel agents
Insurance for loss of property as a result of termination of ownership
Space risk insurance
Insurance against the risk of event failure
Insurance of medical expenses for persons entering the CIS and the Russian Federation
Civil liability insurance for aircraft owners and air carriers
Insurance professional responsibility doctors and other health workers
Professional liability insurance for notaries
Professional liability insurance for auditors
Airport liability insurance
Shipowners liability insurance
Appraisers' liability insurance
Builders liability insurance
Liability insurance for bank employees
Customs carrier liability insurance
Civil liability insurance for registrars and depositories
Comprehensive mortgage insurance
Insurance for life-threatening diseases
Accident and illness insurance
Insurance of risks associated with use plastic cards
Comprehensive bank insurance
Insurance of plastic card issuers
Insurance of non-fulfillment of contractual obligations
Business interruption insurance
Insurance for expenses incurred as a result of cancellation of a trip abroad or changes in the duration of stay abroad
Insurance of export-import loans
Comprehensive insurance of risks associated with e-commerce
Architects' liability insurance
Civil liability insurance for pharmacists
Mandatory state insurance life and health of military personnel, citizens called up for military training, private and commanding officers of the internal affairs bodies of the Russian Federation, the State Fire Service, bodies for control of the circulation of narcotic drugs and psychotropic substances, employees of institutions and bodies of the penal system and employees of federal bodies tax police
Compulsory civil liability insurance for vehicle owners
Voluntary insurance of individuals against the risk of radiation exposure
Railway transport insurance
Forest fund insurance
Agricultural crop insurance
Post-launch warranty insurance
Insurance for the provision of medicines for the provision of outpatient care
Agricultural crop insurance with state support
Insurance of property of legal entities against fire and other dangers
Drilling insurance
Insurance of gas, oil and petroleum product pipelines
Civil liability insurance for road carriers and forwarders
Civil liability insurance for enterprises that are sources of increased danger
Professional liability insurance for realtors
Product manufacturer's civil liability insurance
Civil liability insurance
Insurance of civil liability of organizations to visitors
Insurance of civil liability of organizations operating hazardous production facilities for damage to life, health or property of third parties and the environment as a result of an accident at a hazardous production facility.
Compulsory personal insurance for passengers of railway, air, sea and inland water transport
Insurance of rented non-residential property in Moscow
Insurance of medical expenses for persons traveling within the Russian Federation
Civil liability insurance of operating organizations and owners hydraulic structures for causing harm to the life, health and property of others
Personal liability insurance
Liability Insurance customs broker
Transport terminal operator liability insurance
Liability insurance for lawyers and attorneys
Civil liability insurance for the organization that owns and guarantees ATA carnets
Insurance of civil liability to third parties when transporting radioactive substances, nuclear materials, products based on them and their waste
Liability insurance for manufacturers, sellers and performers for damage caused by violation of sanitary and epidemiological standards
Civil liability insurance of operating organizations - nuclear energy facilities
Insurance of machines and mechanisms against breakdowns (accidents)
Insurance within international system insurance of civil liability of vehicle owners "Green Card"
Insurance of civil liability to third parties when transporting radioactive substances, nuclear materials, products based on them and their waste
Compulsory civil liability insurance for vehicle owners
Cargo insurance

Appendix 2. Company insurance reserves

Report

Civil liability insurance of air carriers for air transportation on international airlines. Compulsory insurance for passengers transported by road. Insurance for loss of property as a result of termination of ownership. Insurance of medical expenses for persons entering the CIS and the Russian Federation. Owners civil liability insurance...

Assessment of solvency and financial stability of an enterprise using the example of OJSC "RESO-Garantia" (essay, coursework, diploma, test)

REPORT ON PRACTICE Assessment of solvency and financial stability of an enterprise using the example of OJSC "RESO-Garantia"

2. Analysis of the solvency and financial stability of the company
3. Main conclusions about the company's performance for the period 2008-2Q. 2010
Applications
1. General characteristics of the company JSC "RESO-Garantia"

Open insurance joint-stock company "RESO-Garantiya" was founded on November 18, 1991. This is a universal insurance company with licenses from the Federal Insurance Supervision Service C No. 1209 77 for 104 types of insurance and P No. 1209 77 for reinsurance. Life insurance license - C No. 4008 77 dated March 13, 2007 - issued to the subsidiary company OSZh RESO-Garantiya LLC.

RESO-GARANTIA occupies a leading position in the Russian insurance market, is one of the leading domestic players in the insurance industry in terms of the volume of premiums collected, and is one of the leaders in the field of retail insurance. At the same time, the priority areas are car insurance (both CASCO and OSAGO), voluntary medical insurance, as well as property insurance for individuals and legal entities. RESO-Garantiya also provides services in accident insurance, mortgage insurance, travel and other types of insurance.

According to the Federal Insurance Supervision Service, at the end of 2009, RESO-Garantiya IJSC took 4th place in insurance premium collections. For success in work and high quality of customer service, the company has been awarded a number of high awards and prizes. In particular, the “Financial Olympus” prize and the annual prize awarded by the magazine “Finance”. At the end of 2009, the company received for the second time the prestigious title “People's Brand/Brand No. 1 in Russia” (analogous to the Soviet “Quality Mark”).

RESO-Garantiya IJSC has the highest reliability rating possible for domestic companies today, A++ from the Expert RA rating agency, which corresponds to an “exceptionally high level of reliability.” In addition, at the beginning of 2009, the National Rating Agency (NRA), which a year earlier had assigned an individual reliability rating of “AAA” - the maximum level of reliability,” confirmed the company’s previous high rating. (See Appendix 1)

In 2009, RESO-Garantiya Insurance Company took 157th place in the most authoritative domestic ranking list of the largest Russian companies, Expert-400.

The professionalism of the employees of RESO-Garantiya Insurance Company is recognized by the entire insurance community of Russia: the company is an active member of the majority of professional insurance associations in the country, including the All-Russian Union of Insurers and the Russian Union of Auto Insurers. The company became one of the Russian companies that received the right to issue Russian Green Card policies.

The company was registered with the Moscow Registration Chamber on September 22, 1993 under No. 005.537. TIN 7,710,045,520. Entered into the Unified State Register of Legal Entities under number 1,027,700,042,413 on July 19, 2002.

The company has one of the most developed agent networks, where over 20,000 insurance agents work. The focus on improving and expanding the agent sales channel is the company’s advantage and difference from most domestic insurers. Even during the economic crisis, the retail channel for promoting insurance services maintains stable (and in many cases growing) collection volumes.

The developed system of branches makes RESO-Garantiya Insurance Company a company of national scale. Today, the federal network already includes more than 800 sales offices in all regions of the Russian Federation. In addition, insurance policies of RESO-Garantiya Insurance Company are sold by several dozen brokerage companies. The company's clients include about 5.4 million corporate and retail clients.

The company is actively present not only in metropolitan cities, but also in the provinces, making significant investments in the development of branches in all the most promising regions of the Russian Federation in terms of economic potential and opportunities for insurance activities. During 2009, the company opened more than 170 new sales structures with established teams of insurers under the special Development program. By creating an agent network, branches of RESO-Garantiya Insurance Company ensure the provision of reliable and modern insurance and services to any categories of policyholders in accordance with the standards and advanced sales technologies available to the company.

The priority areas in the work of most branches are insurance of motor vehicles, medium and small businesses, life, health and property of citizens. All branches and divisions of the company are connected by a single Corporate Information System with the ability to work in real time - online, which allows servicing clients at the highest level, ensures prompt payment of insurance claims, makes it possible to quickly make adjustments to the tariff policy and make other relevant management and business decisions. -solutions. At the same time, not only branches, agencies and other departments, but also individual agents and brokers have the opportunity to confidential and secure remote access from personal computers to the corporate system in the “Modern Agent” program.

In 2009, the company retained the main development features that have been inherent in it over the past years: a balanced and high degree of diversification of the insurance portfolio - both in industry structure and geographical distribution of risks, focus exclusively on classic types of insurance, highly professional underwriting, priority attention to reinsurance protection portfolio, as well as monitoring compliance with regulatory indicators.

In 2009, the company became one of the leaders in implementing the procedure for direct compensation of losses (DCL) under compulsory motor liability insurance in Russia, in which a victim of the actions of another participant in an accident can apply for payment to his own insurance company, and not to the company of the person responsible for the accident. During the year that this procedure was in place, the company settled 15.6 thousand claims under the PES, offering its clients a truly European level of service. In particular, the company offered its policyholders a unique opportunity to receive an insurance payment under the PES within 7 days after receiving all the necessary documents (despite the fact that the Law allows 30 days for the settlement of claims). This became possible thanks to the well-functioning and clear payment system that exists in the Company.

The high-tech 24-hour call center continues to operate, which can also be contacted by calling a toll-free hotline that connects the company to the farthest corners of the country. The center's operators provide round-the-clock, qualified assistance to the company's clients, as well as those affected by the actions of policyholders under compulsory motor liability insurance. A number of the company's sales divisions in Moscow have also been switched to round-the-clock operation: they can now receive insurance advice, issue a policy, and make the next payment under the contract at any time convenient for clients. A single claims settlement center has been created.

RESO-Garantiya IJSC has a unique actuarial base, supported by information resources. Thanks to the transition of the entire company to paperless document flow and online work, a centralized procedure for maintaining accounting and reporting of branches was introduced. The company's clients include not only tens of thousands of individuals, but also thousands of organizations. Our clients include several thousand of the largest Russian and foreign companies, enterprises and firms of various profiles. Including such leaders of the Russian economy as Goznak, Vodokanal of St. Petersburg, RKK Energia, Mosproekt-2, Wimm-Bill-Dann, Rosneft, Eldorado, Tekhnosila , Megafon, BeeLine, MGTS, Rostelecom, Intourist, Aeromar, Ritz Carlton Hotel, Kaspersky Lab, Word Class, Protek, pharmacy chain 36.6, " Alfa Bank", "UniCredit Bank", "Zenith Bank", "Bank of Moscow", "MDM Bank", NORDEA Banking Group, "First Czech-Russian Bank", MICEX, "Karo-film", ITAR-TASS, "Russia Today" TV channel, "Kommersant" Publishing House, "Za Rulem" Publishing House, NTV, "AFI Development" Holding, "TransCreditLeasing", "Euroservice", "Mistral Tracing", "Sakhalinugol", "Rusengineering", "Panavto", “Genser”, “CentroInstrument”, “Petelinskaya Poultry Farm”, Trading company AIC “Cherkizovsy”, “SPAR RETAIL”, “Polyneftekhim”, “AvtoVAZ”, Russian representative offices of “Kraft Foods”, “Xerox”, “Red Bull”, “ Kelly Services, Mitsubishi Electric, Otis, Samsung, Volkswagen, Ford, Mazda, Toyota, Jaguar, Land Rover, Volvo, Rolf, Michelin, BBDO, Schering Plow, World Wildlife Fund and others.

The company plans to continue to concentrate its efforts on developing the insurance business in Russia, primarily focusing on the retail segment of the market. It plans to strengthen its presence in the market, including the regional one, and offer a wide range of insurance products, such as auto insurance (MTPL, CASCO, voluntary motor liability insurance, insurance for additional unforeseen expenses on the road - the RESOauto-Help policy), medical insurance ( the company became one of the pioneers in providing voluntary health insurance services to individuals not only in Moscow, but also in St. Petersburg and Nizhny Novgorod; in 2009, the company opened its own specialized children's clinic "RESO-children"), property insurance in Moscow.

RESO-Garantiya IJSC carries out its sales through a wide agent network, which allows it to maintain an active client base and control the quality of the services provided by the company.

Insurance and investment activities will remain sources of future income. The ongoing financial crisis may have some impact on the company's results in 2010. Most likely, consumer demand for some insurance services will not recover to pre-crisis levels: in particular, this concerns the volume of bank lending, which is traditionally accompanied by collateral insurance, as well as the volume of sales of new vehicles by car dealers. All this cannot but affect the volume of sales of insurance services. However, these negative processes are largely offset by the concentration of the insurance market. The resilience of the agent sales channel to the crisis also plays a significant positive role. In addition, when budgeting its expenses for 2010, the company achieved a significant reduction in them. The set of anti-crisis measures taken will allow the company to overcome the negative consequences of the crisis as effectively as possible. (see Appendix 2) The Company's shareholder register contains nominee holders representing the interests of major shareholders - Limited Liability Company Deutsche Bank - participation share 93.256 percent, Closed Joint Stock Company Commercial Bank Citibank - participation share 6.315 percent, Federal Agency for federal property management—participation share 0.001 percent. The issuer's main competitors in the retail segment are the Open Joint Stock Company "Russian State Insurance Company" (Rosgosstrakh), the Open Joint Stock Company "Ingostrakh" and the Open Joint Stock Company "Russian People's Insurance Company "ROSNO" and OJSC "SOGAZ".

2. Analysis of the solvency and financial stability of the company An analysis of the solvency and financial position of the issuer based on an economic analysis of the dynamics of indicators is presented in Table 1.

Table 1

Indicator name
Issuer's net asset value
Ratio of the amount of raised funds to capital and reserves, %
Ratio of the amount of short-term liabilities to capital and reserves, %
Coverage of debt service payments, %
Overdue debt level, %
Accounts receivable turnover, times
Share of dividends in profit, %
Labor productivity, thousand rubles/person
Depreciation to revenue, %

Indicators of solvency and financial position of the company RESO - Guarantee for the period 2008-2 quarter. 2010

Calculations are made according to the financial statements for the relevant periods, as a result, the amount of funds raised is determined by the formula (line 690 of Form No. 1 - insurer under OKUD - (line 660 of Form No. 1 - insurer under OKUD + line 665 of Form No. 1 - insurer under OKUD + line 670 of Form No. 1 - insurer under OKUD + line 675 of Form No. 1 - insurer under OKUD).

The amount of short-term liabilities is determined by the formula (line 690 of Form No. 1 - insurer under OKUD - (line 610 of Form No. 1 - insurer under OKUD + line 615 of Form No. 1 - insurer under OKUD + line 620 of Form No. 1 - insurer under OKUD + line 660 Form No. 1 - insurer under OKUD + line 665 Form No. 1 - insurer under OKUD + line 670 Form No. 1 - insurer under OKUD + line 675 Form No. 1 - insurer under OKUD).

Revenue is determined by the formula (line 011 of Form No. 2 - insurer under OKUD + line 081 of Form No. 2 - insurer under OKUD).

Net assets in 2009 compared to 2008 increased by more than 1.2 times, this fact is due to an increase in net profit and additional capital.

The correspondence of the indicators “ratio of the amount of raised funds to capital and reserves” and “ratio of the amount of short-term liabilities to capital and reserves” is explained by the company’s lack of long-term liabilities (except for deferred tax liabilities). Accounts payable are formed as a result of operating activities, therefore the activities of RESO - Guarantees do not depend on bank loans and other sources of financial debt.

The annual general meeting of shareholders decided to pay dividends on ordinary registered shares of RESO - Garantiya OSJSC based on the results of 2008 in the amount of 13 rubles per share, the total amount of dividends accrued on the shares of RESO - Garantiya OSJSC is 403,000,000 rubles. During the periods 2009 - 2010, no dividends were paid.

Table 2 shows the main indicators characterizing the profit and loss of the enterprise.

Table 2. Profits and losses of the enterprise RESO - Guarantee

Indicator name

Gross profit
Net profit (retained profit (uncovered loss)
Return on equity, %
Return on assets, %
Net profitability ratio, %
Product (sales) profitability, %
Capital turnover
Amount of uncovered loss as of the reporting date
The ratio of uncovered loss at the reporting date and balance sheet currency

An economic analysis of the issuer’s profitability/loss ratio based on the dynamics of the above indicators allows us to draw the following conclusions:

— the share of individual types of insurance in the overall portfolio of insurance services has not changed much, with the exception of life insurance. This is mainly due to the fact that, in accordance with the Law “On the Organization of Insurance Business in Russia”, strict specialization of insurance organizations is being introduced from 01/01/2007. The largest share continues to be attributed to property types of insurance and compulsory insurance of vehicle owners.

— increased competition among large companies leads to the creation of new insurance products, stimulates the main market participants to reduce costs and improve the quality of management.

In pursuance of the Reinsurance Strategy, RESO - Guarantee uses facultative reinsurance and excess of loss reinsurance in order to reduce insurance payments under each contract. The company constantly monitors the financial stability of reinsurers and periodically updates its reinsurance agreements. Takes appropriate measures to ensure that seasonal increases in the level of payments (for example, payments under various types of contracts relating to vehicle insurance and liability to third parties in connection with the onset of the winter months with their difficult weather conditions) do not cause significant damage.

To determine the liquidity and solvency of the enterprise, let us turn to the main indicators that reflect this dynamics (Table 3)

Table 3. Liquidity of capital of the company RESO - Guarantee.

Based on the above indicators, here are the main conclusions about the state of the company:

In its semantic meaning, the quick liquidity indicator is similar to the current liquidity ratio, however, it is calculated for a narrower range of current assets, when production inventories are excluded from the calculation, as the less liquid part of current assets. A ratio of 0.6−1 usually satisfies. However, it may be insufficient if a large share of liquid funds consists of receivables, part of which is difficult to collect in a timely manner. In such cases, a larger ratio is required. If cash and cash equivalents (securities) occupy a significant share of current assets, then this ratio may be smaller.

Fluctuations in liquidity ratios are due to significant changes in the volume of current assets.

In 2009, the growth of investments as part of current assets led to an increase in liquidity ratios.

The dynamics of the given indicators of liquidity and solvency of the company indicate the ability to fulfill short-term obligations and cover current operating expenses.

In order to manage liquidity risk within the framework of the general risk management policy, the company has an established limit on a credit line in one of the Russian banks as a reserve source of working capital. There are currently no significant factors that could lead to changes in the working capital financing policy; insurance premium receipts currently significantly exceed the company's cash needs to carry out current activities. (Table 4)

Table 4. Structure and size of the issuer's working capital in accordance with the financial statements.

Indicator name
TOTAL Current assets

Future expenses
Accounts receivable (payments for which are expected more than 12 months after the reporting date)
Accounts receivable (payments for which are expected within 12 months after the reporting date)
Short-term financial investments
Cash
Other current assets

The company RESO - Guarantee does not use borrowed sources to finance working capital. The main sources of financing for current activities are cash receipts from the insurance premium collected by the issuer.

3. Main conclusions about the company's performance for the period 2008-2Q. 2010 solvency financial stability joint stock company Over the past 2009, the volume of premiums has decreased. The share of insurance types in the overall portfolio of insurance services has remained virtually unchanged. The share of compulsory insurance in the total volume of signed contributions has increased significantly compared to last year. In accordance with the Law “On the Organization of Insurance Business in Russia”, strict specialization of insurance organizations was introduced from 01/01/2007, which affected the results of activities in the field of life insurance.

The total volume of insurance payments in 2009 amounted to 18,686 million rubles. which is 6878 million rubles more than last year. Mainly due to an increase in payments for property insurance, including for the property of citizens by 1,865 million rubles. and personal (medical insurance) by 551,216 thousand rubles. In accordance with the concluded agreement on direct compensation for losses (Order of the Ministry of Finance of the Russian Federation dated January 23, 2009 No. 6n), for 2009 the total amount of payments to victims for claims for compensation amounted to 220,469.1 thousand rubles.

In accordance with the Accounting Regulations “Accounting Policy of the Organization (PBU1/2008), approved by Order of the Ministry of Finance of the Russian Federation dated October 6, 2008 No. 106n, the company’s accounting policy has been developed. The accounting policy stipulates that direct insurance transactions are reflected in accounting on an accrual basis. Accounting for reinsurance transactions is based on the accrual method in accordance with concluded reinsurance agreements.

Recognition of income using the accrual method, as well as the stipulated installment plans for payment of insurance premiums in accordance with the Insurance Rules, leads to the formation of receivables for insurance operations. For 2009, it amounted to 5,060,027 thousand rubles. of which the debt of policyholders is 5,044,444 thousand rubles. and debt of agents and brokers 15,583 thousand rubles. Mainly under property insurance contracts for large enterprises and organizations. Thus, at the end of 2009, receivables under transport insurance contracts amounted to 3,081 million rubles, for enterprise property insurance - 930.7 million rubles, under personal insurance contracts - 1,182 million rubles, and for liability insurance - 50.2 million rubles.

The specified debt amounts to 13.6 percent of the balance sheet currency and 20.2 percent of the total amount of formed insurance reserves.

Accounts receivable for reinsurance operations amounted to RUB 295,462 thousand at the end of the reporting period. Their debt of reinsurers for payments amounts to 85,317 thousand rubles, including 29,535 thousand rubles. is the debt of SK Arkada LLC, which will be repaid during 2010.

Other receivables include balances on accounting accounts 60 (advances issued), 68 (settlements with the budget), 73 (settlements with personnel for other operations) and 76 (settlements with various debtors and creditors). Under the article, advances issued reflected the amount of advances issued to medical organizations for the provision of medical services in accordance with the conditions stipulated by contracts for the provision of medical and preventive care. At the end of the reporting period, this debt amounted to RUB 487.0 million. and service stations for repairs of insured vehicles - 181 million rubles.

Other receivables at the end of the reporting period amounted to 2,430,280 thousand rubles, including receivables for which payments are expected more than 12 months after the reporting date - 344,877 thousand rubles. This debt includes personnel debt for other operations in the amount of 233,886.7 thousand rubles, mainly interest-bearing loans provided to company employees for a period of 1 to 10 years, debt arising as a result of fraud and shortages - 81,634.8 thousand . rub., as well as overdue debt in the amount of 47,253.3 thousand rubles, which includes the debt of banks on deposits, as a result of the revocation of the license for banking operations - 39,903 thousand rubles, counterparties for paid work and services. and unfulfilled - 4074 thousand rubles, insurance representatives for insurance premiums - 3276.3 thousand rubles. The debt as a result of fraud arose in particular as a result of fictitious payments, their amount amounted to 18,132 thousand rubles, theft of bills - in the amount of 19,963 thousand rubles, dishonesty of insurance representatives, theft - in the amount of 43,539 thousand rubles.

Accounts receivable, payments for which are expected within 12 months after the reporting date, include settlement debts of other organizations, which are caused by the fact that payments under contracts have been made, but work and services have not yet been completed or goods have not been received - RUB 61,579 thousand ., settlements on financial investments - 451,589.1 thousand rubles, debt on settlements for direct compensation of losses with the insurers of the harm doneer - 37,228.2 thousand rubles. overpayment of payments to the budget and extra-budgetary funds - 342,087 thousand rubles. The overpayment of taxes was mainly due to the existing overpayment of income tax on advance payments previously accrued. The total amount of this debt amounted to 2,085,403 thousand rubles at the end of the reporting period. and reflected on page 200 of form No. 1.

Fixed assets include buildings, equipment, vehicles, business equipment and other valuables necessary for the business functioning of the Company. 87.22 percent of the total fixed assets are buildings and equipment and structures. During the reporting period, real estate assets worth 69.5 million rubles were put into operation, which amounted to 2,970.8 million rubles at the end of 2009. Fixed assets are of a production nature and are fully used in the process of providing insurance services and bring economic benefits to the company. Some office space is rented out to other organizations under lease agreements and generate income. The area leased out is reflected in the balance sheet as an investment at the end of 2009, this figure amounted to 559,788 thousand rubles. which corresponds to 13,734.1 sq.m.

The value of fixed assets increased by 1.08 times at the end of the reporting period compared to the balance of fixed assets at the beginning of the year. During the reporting period, new office premises were introduced to house the company's branches on the territory of the Russian Federation with a total area of 775.5 sq.m. in the cities of Dmitrov, Cheboksary, Kolchugino, Chelyabinsk, Yaroslavl, computer equipment was updated, vehicles necessary for production purposes and to increase sales were purchased. The change in the value of fixed assets as a result of completion, reconstruction and modernization amounted to 169,867 thousand rubles. These are mainly the costs of reconstructing office premises in Moscow on Nagorny Proezd. In 2010, new real estate objects will be introduced in the cities where the company's branches are located, namely in Omsk, Orekho-Zuevo, Samara, Elektrostal, Surgut with a total area of 2249 sq.m. worth 197.5 million rubles.

Appendices Appendix 1. Insurance payments by the company in accordance with the gradation of types of insurance

Type of insurance provided in accordance with the annex to the license
Accident insurance
Medical insurance of citizens	3 834 015 073	3 353 627 113	1 690 584 450
Vehicle insurance	14 566 757 000	13 457 553 831	3 097 584 893
Aircraft insurance
Ship insurance
Cargo insurance
Insurance of property of legal entities and individuals against fire and other dangers	2 675 256 000	3 233 795 134
Construction and installation insurance
Animal insurance
Financial risk insurance
Civil liability insurance for car owners
Insurance of liability to third parties during construction and installation works
Civil liability insurance of air carriers for air transportation on international airlines
Insurance of expenses of citizens traveling abroad
Accident insurance (for children) - special conditions
Compulsory insurance of passengers transported by road
Civil liability insurance for tour operators and travel agents
Insurance for loss of property as a result of termination of ownership
Space risk insurance
Insurance against the risk of event failure
Insurance of medical expenses for persons entering the CIS and the Russian Federation
Civil liability insurance for aircraft owners and air carriers
Professional liability insurance for doctors and other medical workers
Professional liability insurance for notaries
Professional liability insurance for auditors
Airport liability insurance
Shipowners liability insurance
Appraisers' liability insurance
Builders liability insurance
Liability insurance for bank employees
Customs carrier liability insurance
Civil liability insurance for registrars and depositories
Comprehensive mortgage insurance
Insurance for life-threatening diseases
Accident and illness insurance
Insurance of risks associated with the use of plastic cards
Comprehensive bank insurance
Insurance of plastic card issuers
Insurance of non-fulfillment of contractual obligations
Business interruption insurance
Insurance for expenses incurred as a result of cancellation of a trip abroad or changes in the duration of stay abroad
Insurance of export-import loans
Comprehensive insurance of risks associated with e-commerce
Architects' liability insurance
Civil liability insurance for pharmacists
Compulsory state insurance of life and health of military personnel, citizens called up for military training, private and commanding officers of the internal affairs bodies of the Russian Federation, the State Fire Service, bodies for control of the circulation of narcotic drugs and psychotropic substances, employees of institutions and bodies of the penal system and federal tax police officers
Compulsory civil liability insurance for vehicle owners		7 643 001 452	1 811 997 815
Voluntary insurance of individuals against the risk of radiation exposure
Railway transport insurance
Forest fund insurance
Agricultural crop insurance
Post-launch warranty insurance
Insurance for the provision of medicines for the provision of outpatient care
Agricultural crop insurance with state support
Insurance of property of legal entities against fire and other dangers
Drilling insurance
Insurance of gas, oil and petroleum product pipelines
Civil liability insurance for road carriers and forwarders
Civil liability insurance for enterprises that are sources of increased danger
Professional liability insurance for realtors
Product manufacturer's civil liability insurance
Civil liability insurance
Insurance of civil liability of organizations to visitors
Insurance of civil liability of organizations operating hazardous production facilities for damage to life, health or property of third parties and the environment as a result of an accident at a hazardous production facility.
Compulsory personal insurance for passengers of railway, air, sea and inland water transport
Insurance of rented non-residential property in Moscow
Insurance of medical expenses for persons traveling within the Russian Federation
Insurance of civil liability of operating organizations and owners of hydraulic structures for causing harm to the life, health and property of other persons
Personal liability insurance
Customs broker liability insurance
Transport terminal operator liability insurance
Liability insurance for lawyers and attorneys
Civil liability insurance for the organization that owns and guarantees ATA carnets
Insurance of civil liability to third parties when transporting radioactive substances, nuclear materials, products based on them and their waste
Liability insurance for manufacturers, sellers and performers for damage caused by violation of sanitary and epidemiological standards
Civil liability insurance of operating organizations - nuclear energy facilities
Insurance of machines and mechanisms against breakdowns (accidents)
Insurance within the framework of the international system of civil liability insurance for vehicle owners “Green Card”
Insurance of civil liability to third parties when transporting radioactive substances, nuclear materials, products based on them and their waste
Compulsory civil liability insurance for vehicle owners	6 802 023 529	7 643 001 452	1 811 997 815
Cargo insurance

Appendix 2. Company insurance reserves

Indicator name
Life insurance reserves, rub.
Unearned bonus reserve, rub.	13 318 254 000	12 932 336 000	13 233 017 000
Loss reserves, rub.	6 583 545 000	7 590 397 000	7 815 427 000
Reserves for compulsory medical insurance, rub.
Other insurance reserves, rub.	2 828 429 000	4 050 807 000

An analysis of the solvency and financial position of the issuer based on economic analysis of the dynamics of indicators is presented in this table.

Indicator name
Issuer's net asset value
Ratio of the amount of raised funds to capital and reserves, %
Ratio of the amount of short-term liabilities to capital and reserves, %
Coverage of debt service payments, %
Overdue debt level, %
Accounts receivable turnover, times
Share of dividends in profit, %
Labor productivity, thousand rubles/person
Depreciation to revenue, %

Profits and losses of the RESO enterprise - Guarantee

Indicator name

Gross profit
Net profit (retained profit (uncovered loss)
Return on equity, %
Return on assets, %
Net profitability ratio, %
Product (sales) profitability, %
Capital turnover
Amount of uncovered loss as of the reporting date
The ratio of uncovered loss at the reporting date and balance sheet currency

An economic analysis of the issuer’s profitability/loss ratio based on the dynamics of the above indicators allows us to draw the following conclusions:

- the share of individual types of insurance in the overall portfolio of insurance services has not changed much, with the exception of life insurance. This is mainly due to the fact that, in accordance with the Law “On the Organization of Insurance Business in Russia”, strict specialization of insurance organizations has been introduced since 01/01/2007. The largest share continues to be attributed to property types of insurance and compulsory insurance of vehicle owners.
- increased competition among large companies leads to the creation of new insurance products, stimulates the main market participants to reduce costs and improve the quality of management.

When carrying out insurance activities, the main cost item is the payment of insurance compensation. Since a significant part of the portfolio is concentrated in the segment of automobile and voluntary medical insurance, the growth of insurance compensation payments is subject, in particular, to the factor of price inflation for auto repair work and medical services. The increase in the cost of these works and services is taken into account in the company's tariff policy.

The total volume of insurance payments for 2009 amounted to 18,686,371 thousand rubles, which is more than the level of 2008 by 2,963,371 thousand rubles. The largest share in the total volume of insurance payments falls on property insurance and compulsory insurance. To overcome the main factors that negatively affect the company’s activities, the following are used: methods for assessing statistical data, reinsurance, restrictions on the amount and number of insurance contracts concluded, procedures for approving transactions, pricing strategies and constant monitoring of the emergence of new risks.

To determine the liquidity and solvency of the enterprise, let us turn to the main indicators that reflect this dynamics (Table 3)

RESO company capital liquidity - Guarantee

Based on the above indicators, here are the main conclusions about the state of the company:

1) The current ratio shows the extent to which current assets cover current liabilities and gives an overall assessment of liquidity. In other words, it shows how many rubles of working capital (current assets) are accounted for by one ruble of current short-term debt (current liabilities).
2) The excess of current assets over short-term financial liabilities provides a reserve reserve to compensate for losses that an enterprise may incur when placing and liquidating all current assets, except cash. The larger the value of this reserve, the greater the confidence of creditors that debts will be repaid. A coefficient > 2 usually satisfies.

In its semantic meaning, the quick liquidity indicator is similar to the current liquidity ratio, however, it is calculated for a narrower range of current assets, when production inventories are excluded from the calculation, as the less liquid part of current assets. A ratio of 0.6-1 is usually satisfactory. However, it may be insufficient if a large share of liquid funds consists of receivables, part of which is difficult to collect in a timely manner. In such cases, a larger ratio is required. If cash and cash equivalents (securities) occupy a significant share of current assets, then this ratio may be smaller.

Fluctuations in liquidity ratios are due to significant changes in the volume of current assets.

In 2009, the growth of investments as part of current assets led to an increase in liquidity ratios.

The dynamics of the given indicators of liquidity and solvency of the company indicate the ability to fulfill short-term obligations and cover current operating expenses.

Structure and size of the issuer's working capital in accordance with the financial statements

The RESO - Guarantee company does not use borrowed sources to finance working capital. The main sources of financing for current activities are cash receipts from the insurance premium collected by the issuer.

Title: Assessment of solvency and financial stability of an enterprise (using the example of RESO-Garantiya OSJSC)

Date written: 2011

Number of pages: 83

Price: 3000 rub.

Description:

Total volume of work - 83 pages

The margins are maintained: left - 30 mm, right - 10 mm, top 20 mm, bottom - 20 mm.

Font - Times New Roman

The text was typed in the Microsoft Word editor

Font size - 14

Interval - 1.5

Number of tables – 14

Number of drawings – 5

The work contains footnotes, based on which a list of references was compiled

List of used literature - 55 sources

You can find out more detailed information about the work by contacting us:

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Introduction

1 Theoretical foundations for analyzing the financial stability and solvency of an insurance company

1.1 The concept of financial stability and solvency

1.2 Methodology for determining the financial stability of an insurance organization

1.3 Features of the methodology for assessing the solvency of an insurance organization

2 Analysis of the solvency and financial stability of an insurance company using the example of RESO-Garantiya OSJSC

2.1 Organizational and economic characteristics of RESO-Garantiya Insurance Company

2.2 Solvency analysis of the RESO - Garantiya company based on balance sheet liquidity

2.3 Analysis of solvency and financial stability based on financial ratios

3 Ways to improve the solvency and financial stability of RESO-Garantiya IJSC

3.1 Development of a financial recovery plan

3.2 Investment activities insurance company as a way to strengthen financial stability

3.3 Reinsurance as a way to strengthen financial stability

Conclusion

List of used literature

Applications

INTRODUCTION

The relevance of the presented final qualifying work is determined by the fact that the current state of financial markets and companies financial sector is of concern to both consumers and governments. The global financial crisis has had a negative impact on the financial condition of Russian financial companies, including insurance, causing a decrease in insurance costs for enterprises and individuals, and, consequently, a decrease in the growth rate of insurance premium collections or a decrease in their volumes.

In the current situation, none of the stakeholders in the insurance market considers the situation to be insurance market comfortable. Consumers are not satisfied with the quality of services and are concerned about the decrease in solvency and financial stability of insurance companies, insurers are concerned about the decrease in effective demand, the state is not satisfied with the quality of assets of insurance organizations and their level of financial stability, investors would like to receive the desired level of profitability, which insurers cannot provide in a crisis . This state of affairs does not contribute to the development and increase in capitalization of the Russian insurance market.

The special importance of the solvency and financial stability of insurance organizations for the economy as a whole is due to a number of reasons.

Firstly, the development of the insurance sector in the system of financial relations at the macro level contributes to the stabilization of the economy, as well as ensuring the social sustainability of society. Entering financial relations with various market entities (insurers, counterparties, the state, etc.) and fulfilling their contractual and other obligations, insurance organizations thereby influence the efficiency of the entire chain of economic relationships in society.

Secondly, insurance organizations have a significant impact on the investment market, since they are a reliable source of financial capital. The objective prerequisite for this is that the receipt of insurance premiums precedes the provision of insurance services. The resulting time lag between receipts of insurance premiums and payments allows insurance organizations to accumulate significant amounts of funds, which are placed in various financial instruments and non-financial investment assets. The provision of insurance services, during which the funds received from policyholders are converted into significant insurance funds, stimulates the circulation of funds in the capital market. Life insurance operations are also intensifying financial market, because they contribute to the transformation of household savings into long-term investment resources.

Thirdly, strengthening the solvency and financial stability of insurance organizations has a beneficial effect on macroeconomic market relations as a whole. At the same time, insurance organizations can act as market stabilizers only if they have the ability to fulfill their obligations during the insurance period, having the ability to do so. resource potential to adapt to the requirements of an ever-changing competitive environment.

The purpose of the final qualifying work is to, on the basis of the research conducted, formulate measures to increase the solvency and financial stability of RESO-Garantiya Insurance Company.

The stated goal of the work involves solving a set of interrelated problems:

1. Disclosure of the concept of solvency and financial stability, determination of their place in the system of financial analysis;

2. Consideration of methodological approaches to analyzing the financial stability of an insurance company;

3. Presentation of methodological approaches to assessing the solvency of an insurance organization;

4. Conducting an analysis of the solvency and financial stability of the insurance company through analysis of absolute indicators, calculation of financial ratios and other types of analysis;

5. Development of a financial recovery plan for RESO-Garantiya Insurance Company.

6. Identification of ways to strengthen solvency and increase the financial stability of RESO-Garantia Insurance Company.

The methodological basis for writing the final qualifying work was the works of domestic economists: Savitskaya G.V., Sheremet A.D., Gilyarovskaya L.T. and other authors, including Rodionova M.A. and Fedotova V.M., Kreinina M.N., Abryutina M.S., materials from periodicals.

At the same time, a number of organizational and methodological issues in analyzing the solvency and financial stability of insurance companies are still unresolved. We are talking, first of all, about systematizing a database for analyzing the organization of its implementation in insurance companies, determining a system of indicators of solvency and financial stability, including taking into account the specifics of the insurance market.

The subject of the study of this work is the financial relations of an economic entity, which determine its financial condition and the stability of the enterprise’s finances.

The object of the study is to assess the solvency of the financial stability and solvency of the insurance company RESO-Garantiya Insurance Company.

The formulated goal, objectives, subject and object of the final qualifying work, as well as the logic of the research determined the structure of the work. It consists of an introduction, three chapters, a conclusion, a list of references and appendices.

The first chapter discusses the work theoretical basis analysis of solvency and financial stability: the economic content of solvency and financial stability and its place in financial analysis enterprises, information base for analyzing financial stability, methods for calculating indicators.

In the second chapter, an analysis and assessment of the financial condition, solvency and financial stability of RESO-Garantia IJSC was carried out.

The third chapter examines areas for increasing the solvency and financial stability of an enterprise by managing the structure of property and capital, and forming a balanced policy for attracting borrowed funds.

The practical significance of the work is determined by the generalization of methods for analyzing the solvency and financial stability of various authors and, on this basis, by conducting an analytical assessment of the financial condition of a particular enterprise of RESO-Garantiya Insurance Company. This technique can be useful not only for this enterprise, but also for other enterprises whose main activity is insurance.

In the context of declining insurance volumes and financial difficulties, the issue of restoring financial stability, increasing solvency in order to ensure a stable position in the market, continue operations, providing the opportunity to develop production potential and increase its own sources of financing is especially relevant for RESO-Garantiya Insurance Company.

In 2009, RESO-Garantiya Insurance Company took 157th place in the most authoritative domestic ranking list of the largest Russian companies, Expert-400.

The company has one of the most developed agent networks, where over 20,000 insurance agents work. The focus on improving and expanding the agent sales channel is the company’s advantage and difference from most domestic insurers. Even during the economic crisis, the retail channel for promoting insurance services maintains stable (and in many cases growing) collection volumes.