print version 

Find company
Home About the ProjectContact usFor the Clients
Enter code or ISIN
 
alpha / industry search

Issuers' Corner
Press Releases
Annual Reports Library

Financial Statements
SEC & FFMS Filings
Corporate Presentations
GM Materials
Issues Documents
Corporate Governance Materials
Russian Company Guide
Company Profiles
Corporate Calendar
Markets Corner
Consensus Estimates
Media Corner
News Line


Get updates



Home  Issuers' Corner  Press Releases REGISTER LOG IN

Press Releases

company search
all press releases
all GAZPROM press releases

GAZPROM

July 30, 2004

Gazprom divests 49.979% stake in Sogaz

On 26 July, Gazprom divested a 49.979% stake of the Sogaz company, with a 50% stake + 2 shares still remaining under the Gazprom Group’s ownership.

The timing of the stake divestiture is conditioned by Sogaz’s good financial standing that allowed Gazprom to generate a RUR 1.69 billion return on the shares sold.

Arranged by the Moscow Interbank Currency Exchange, the deal was the first openly-held transaction with Gazprom’s assets.

Being a captive insurance company, Sogaz is confined in its capacity to minimize Gazprom’s risks. Sharing risks with new counterparts and contracting insurance services of independent companies is expected to result in reduced risks for the Company.

Reference:

The Sogaz company was founded in 1993. The Sogaz Group is comprised of the Sogaz-Zhizn Insurance Company, Gazprommedservis company and Gazprommedstrakh company (the latter joined the Group in 2003). Before 26 July 2004, Sogaz’s shares were held by Gazprom (53.75%), Gazprombank (45.03%), Gazexport (1.2%) and Reso-Garantiya (0.02%).

Sogaz performs a full range of insurance services: insurance of property (pipelines, wells, aircrafts, water transport, cargoes, etc.), responsibility insurance (of shipowners and providers, general individual and high-risk corporate responsible, mandatory auto insurance) and individual insurance (life insurance, voluntary and obligatory medical insurance, mortgage insurance, etc.).

In 2003, Sogaz’s net profit, insurance reserves and assets accounted for RUR 320 million, over RUR 5.9 billion and RUR 8.7 billion, respectively.

As of 1 April 2004, Sogaz’s market capitalization calculated based on the net profit, reached RUR 2.2 billion, RUR 0.4 billion up on 1 January 2004.

Gazprommedstrakh’s 2003 net earnings, insurance reserves and assets exceeded RUR 965 thousand, RUR 723 million and RUR 1.4 billion, respectively. Sogaz and Gazprommedstrakh’s 2003 consolidated insurance premium and insurance payments accounted for RUR 10.5 billion and RUR 5.3 billion, respectively.

As of today, Sogaz has concluded over 240 thousand insurance agreements and its individual customers exceed 2.8 million people. Over 20% of the Sogaz Group’s insurance portfolio account for individual and third-party corporate insurance premiums.

DIVISION OF RELATIONS WITH MASS MEDIA

 

 

 

Search by industry

Agriculture, Foresty and Fishing | Chemicals | Engineering | Ferrous Metals | Financial, Insurance & Real Estate | Food & Kindred Products | General Construction | Information Technology | Media & Publishing | Non-Ferrous Metals | Oil & Gas | Pharmaceuticals | Power Industry | Precious Metals and Diamonds | Telecommunications | Transportation | Wholesale & Retail Trade

Search by alpha index

A B C D F G H I K L M N O P R S T U V W X Z


Site Map
© RUSTOCKS.com
Privacy Statement | Disclaimer