YEREVAN, October 3. / ARKA /. Ingo Armenia insurance company expects the amount of its insurance premiums to grow up to 9.2 billion drams in 2012, Tatiana Kaigarodova, president of the company’s board, said today. Mr. Kaigarodova is also the deputy chief executive officer of Russian Ingosstrakh that holds the majority stake in its Armenian subsidiary.

“We expect Ingo Armenia’s proceeds to reach $23-24 million, a very large sum across the former Soviet Union, in fact the second largest amount after Ukraine among INGO group’s subsidiaries,” she said at a press conference called in connection with the company’s 15th anniversary.
According to Ms. Kaigarodova, over the past three years Ingo Armenia’s proceeds have actually grown five times and today the company is a leader in the Armenian market.

“As a representative of a shareholder who owns 75% stake in the company, I want to say that Ingo Armenia is one of the most successful companies of the group,” she said.
Kaigarodova said also the meeting of Ingo Armenia’s shareholders, scheduled for the next week, will make a key decision to increase the authorized capital of the company.

"We always promptly replenish the capital of our companies and make timely investments. Increase in the authorized capital is certainly a milestone for our presence in the Armenian market and a condition for Ingo Armenia to continue its lead in Armenia’s market," she said.

According to the company, the amount of insurance premiums in the first 8 months of 2012 amounted to 7.5 billion drams. The company paid also 2.5 billion drams in insurance
reimbursements. It has 1,800 corporate clients, including 300 of the largest Armenian companies and also 120,000 individual clients. In the first eight months it signed 173,000 insurance policies.

Ingo Armenia was founded in 1997 as an insurance company EFES. In December 2003, 75% of its stake was acquired the Russian Ingosstrakh, and the company was renamed Ingo Armenia. Levon Altunyan (Armenia) is the owner of 25% shares. Its authorized capital stands now at 750.9 million AMD. ($ 1 – AMD 407.09).