Deripaska Insurer’s Volkov Says Ingosstrakh to Lease Out Planes
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 23.11.2010 |
Mikhail Volkov, deputy chairman at Ingosstrakh and head of financial services at Deripaska's Basic Element holding, commented in a Nov. 13 interview with Bloomberg News.
On aircraft leasing and Deripaska's Sky Express:
"Ingosstrakh's board has decided to invest its extra insurance reserves into financing the purchase of five used Boeing 737 planes and leasing them to Russian air carriers, including Sky Express."
"This is a stable and highly profitable business."
On shareholder conflict with PPF Investments:
"We perceive PPF Investments as a competitor rather than a partner as they have connections to the Generali PPF insurer, which stands among the top 20 in the Russian market and is competing with Ingosstrakh directly. We won't be against it if PPFI sells its stake to a third party."
On Ingosstrakh revenue:
"We've never given any estimates of Ingosstrakh's value as we don't have plans to sell it. We are happy the way the company's business is developing and we expect it to collect about 50 billion rubles ($1.6 billion) of insurance revenue this year."
On foreign insurance companies in Russia:
"It is unlikely that foreign insurance companies will encounter significant market-share growth. As I see it, they are still having problems adapting to our market, where, unfortunately, rate dumping still exists, and some players go for negative earnings simply to advance their aggressive and unbalanced development strategies.
"Large companies are the future of the market, and foreign insurance companies have yet to leave a substantial mark. Previously, insurers in Russia were sold to foreign companies at multiples of 1.5 to 2 to their revenue."
Bloomberg
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