Property insurance analysis vsk. Thesis on the topic: “Property insurance. "Classic building insurance"

07.01.2024

CONTENT

Page
Introduction………………………………………………………… …………………...….….3
Chapter 1. Organizational and legal basis for the activities of the VSK Insurance House…………………………………………………………………………………………… ……...……..5
1.1. General information about the company…………………………………….…….... ….5
1.2. History of the company…………………..…….......... .…..9
1.3. Kursk branch of JSC "VSK"…………………………………………………………...16
Chapter 2. Main areas of activity of the insurance company and types of services provided………………………………………………………...……..………. .……..19
2.1. Car insurance…………………………………………………………………….……..19
2.2. Personal insurance………………………………………………………. ........................23
Chapter 3. Financial analysis of JSC "VSK" for 2008-2010……….....27
3.1. Horizontal and vertical analysis of the property of JSC "VSK"...27
3.2. Ratio analysis……………………… ………………………...35
3.3. Recommendations for increasing the efficiency of the company .....38
Conclusion…………………………………………………………………….…..40
List of sources and literature used…………………………….……42
Applications……………………………………………………………………..43

INTRODUCTION
VSK has more than 17 years of experience in the insurance market. During this time, the company has gained a strong position in the insurance market, and is now able to provide high-quality insurance services throughout the country. The number of company branches in various regions has exceeded 600, and the network of branches is constantly expanding. Every year the company's client base increases significantly.
Today, both private clients and legal entities can use insurance services at VSK. To date, many Russian organizations and companies have already become VSK clients - their number has exceeded 100,000. Among VSK clients are many ministries and departments. And the number of citizens who have already appreciated the benefits of contacting the company is about 10 million people.
VSK provides a wide range of insurance services and can rightfully be considered a universal company. The VSK insurance line, which is constantly updated, includes voluntary medical insurance, CASCO and OSAGO motor insurance, property and liability insurance, etc. The company is allowed to carry out compulsory OSAGO insurance activities by a license obtained as a result of joining the Russian Union of Motor Insurers.
In connection with the above, the ability to analyze the company’s official reporting and identify ways and methods to improve the efficiency of its activities becomes important.
The purpose of the report is to analyze the financial condition of the credit institution and offer recommendations for improving the efficiency of the insurance company.
To achieve these goals, it is necessary to solve a number of interrelated tasks:
– study the general principles of the organization and functioning of JSC “VSK”;
– consider the history of the company’s emergence and development;
– consider the main activities of the company and the types of insurance services provided;
– conduct an analysis of the financial condition of JSC “VSK” for 2008-2010 according to the balance sheet;
–conduct a structural and dynamic analysis of the company’s assets and liabilities;
– offer recommendations to improve the company’s performance.
The subject of this report is the insurance open joint-stock company "VSK". Subject - analysis of the financial condition of JSC "VSK". The study period is 2008-2010.
The following methods were used in the analysis process: horizontal analysis, vertical analysis, comparison method, grouping method, coefficient method, method of relative and average values, balance method.
The work is based on a review of domestic literature, using the annual financial statements of JSC "VSK" for 2008-2010, as well as materials from various Internet resources.

CHAPTER 1. ORGANIZATIONAL AND LEGAL FRAMEWORK OF THE VSK INSURANCE HOUSE

SOAO "VSK" (Insurance House VSK) has been operating in the Russian insurance market since February 1992 and is confidently among the leading, dynamically developing domestic insurance companies.
Full name Insurance Open Joint Stock Company "VSK", located in Moscow, st. Ostrovnaya 4.
The subject of the Company's activities is the protection of the property interests of individuals and legal entities upon the occurrence of certain events (insurance events) at the expense of funds generated from the insurance contributions (insurance premiums) they pay.
The authorized capital of the Company is formed in the amount of 1,700,000,000 (one billion seven hundred million) rubles and is divided into 17,000,000 (Seventeen million) issued ordinary registered shares with a par value of 100 (One Hundred) rubles each.
A reserve fund is created in the Company in the amount of 15 (Fifteen) percent of its authorized capital. The Company's reserve fund is formed by mandatory annual contributions in the amount of 5 (Five) percent of the Company's net profit until the specified amount is reached and is intended to cover the Company's losses, as well as to repay the Company's bonds and repurchase the Company's shares in the absence of other funds. The reserve fund cannot be used for other purposes.
The General Meeting of Shareholders determines the list and size of other funds formed by the Company upon the proposal of the Board of Directors.
The beginning of VSK's work in the Russian insurance market was the solution of an important state task - the development and implementation of a mechanism for ensuring social and insurance protection for employees of federal authorities and military personnel. VSK has developed the entire regulatory framework, a system of insurance payments, which has justified itself and is successfully operating to this day. In the mid-90s, the company's management made a strategic decision to diversify its business. And today VSK offers clients a full range of traditional insurance products, as well as a number of our innovative developments.
Today VSK sells more than 100 types of high-quality insurance services, such as insurance of legal entities, insurance in the aviation sector, in the space sector, in the maritime sector, in the construction sector, cargo insurance, private property insurance, motor insurance, accident insurance, voluntary medical insurance , life insurance, insurance for those leaving their place of permanent residence, bank insurance, mortgage insurance, insurance for leasing operations, and provides insurance protection to over 70,000 enterprises and organizations, 10 million Russian citizens.
Clients include such large financial, industrial and foreign trade organizations as the Central Bank of the Russian Federation, Sberbank, VTB, Russian Aviation and Space Agency, NPO Energia, Novolipetsk Metallurgical Plant OJSC, Chelyabinsk Tractor Plant OJSC, Concern OJSC "Izhmash", OJSC "Public Russian Television".
Along with voluntary insurance, one of the priority areas of the Company’s activities is the implementation of the compulsory insurance program for civil servants, where VSK remains a recognized leader. The Company is trusted by 14 federal ministries and departments to insure their employees, including the Russian Ministry of Defense, the Supreme Court of the Russian Federation, the Prosecutor General's Office of Russia, the Ministry of Justice of the Russian Federation, the FSB of Russia, etc.
VSK has the most extensive regional network among Russian insurance companies operating under one legal entity - over 600 branches and offices in the main administrative and industrial centers of our country.
The presence of a large number of representative offices gives VSK the opportunity to provide modern insurance services and make payments to its clients, regardless of the place where the insurance contract was concluded.
In 2001, the Expert RA rating agency assigned the company the highest national reliability rating A++: “High level of reliability with positive prospects,” which was confirmed in 2002-2010.
For his great contribution to the development of the insurance business, President of the Russian Federation V.V. in 2002 and 2007, the VSK team received gratitude.
The all-Russian nature of its activities gives the company the opportunity to quickly settle losses and make payments to its clients, regardless of the place where the insurance contract is concluded, and also allows it to form a geographically diversified insurance portfolio and evenly distribute risks across the territory of Russia, which has a serious positive impact on the reliability indicators of VSK .
In addition, a well-functioning mechanism for settling losses and the accumulated rich experience of VSK representative offices throughout Russia gave VSK the opportunity to actively develop cooperation with other insurers in settling losses of their clients in the field of motor insurance in various regions of our country.
VSK is a member of the Russian Union of Auto Insurers (RUA), the All-Russian Union of Insurers (VUS), the Association of Insurers of Liability for Causing Harm in the Field of Industrial Safety, the Russian Association of Aviation and Space Insurers (RAAKS), the Association of Russian Banks and a number of other large associations.
VSK has created a 24-hour Call-Center, which allows the company's clients to quickly receive the necessary information 24 hours a day.
In order to increase the awareness of employees of federal ministries and departments about the progress of consideration of their insurance cases, the company has also created a 24-hour help service, the presence of which allows insured military personnel and civil servants, by making a phone call to the VSK branch of a given region at a local rate, to receive comprehensive information online information on the progress of consideration of their insurance cases at the VSK Central Office in Moscow, including the date of crediting the insurance amounts due to the Sberbank account. Today, the services of such a service are already used by VSK policyholders in 45 constituent entities of the Russian Federation.
In order to comply with modern standards for the provision of insurance services and increase popularity among individuals and legal entities, the company's management at the beginning of 2011 changed the name of the Military Insurance Company to VSK.

The closed joint-stock company “Military Insurance Company” was formed.
A concept for the long-term development of VSK has been developed and is beginning to be implemented. The Company's strategic priorities are: maintaining the financial stability and liquidity of VSK's assets, unconditionally fulfilling the Company's obligations to clients and partners, active participation in the economic life of all Russian regions, developing and offering specialized competitive insurance programs and products to the market, providing a single space for VSK's insurance services on Russian territory.
During the year, branches of the Company were opened in 3 cities of the Russian Federation.

The Military Insurance Company Group was created, which, in addition to VSK, included the Military Medical Insurance Company (VMSK), the tourist company "VSK-tour", the Military Memorial Company (VMK), the enterprise for the sale and disposal of released military equipment "REUT" and a number of other subsidiaries.
Sberbank of the Russian Federation and VSK Group entered into a General Cooperation Agreement.
For the first time in domestic practice, the National Olympic Committee trusts the Military Insurance Company to insure all Russian athletes participating in the Olympic Games in Atlanta (USA). The company entered into an agreement with the Russian Ministry of Justice on compulsory state insurance for judges. During the year, branches of the Company were opened in 3 more cities of the Russian Federation.

For the first time, the volume of VSK insurance premiums for voluntary types of insurance exceeded 50 percent of the Company’s insurance portfolio. The most intensive insurance is carried out for air and motor transport, sea vessels, and enterprise property.
The trend towards increasing the volume of insurance revenues in all 88 branches of VSK has further developed.
In total, the branches of the Military Insurance Company collected 331 million rubles in insurance premiums, which is almost 2 times more than for the same period in 1998.
VSK is implementing a new aircraft insurance program that provides international insurance coverage for all types of risks within the framework of the Air Code.

According to the rating of the Economic News Agency, the Military Insurance Company (VSK) is among the most actively and steadily developing companies in Russia.

year
The structural reorganization of VSK has been completed. The parent company becomes a methodological and financial center, and 88 branches become sales centers.
VSK is starting to implement risk insurance within the framework of the Ford Plan consumer lending program, implemented by Ford Credit Europe Bank.
The authorized capital of the Military Insurance Company was increased 6 times and amounted to 180 million rubles.

2001
According to the rating of the Economic News Agency, the Military Insurance Company (VSK) is among the most actively and steadily developing companies in Russia.

VSK made insurance payments to the families of the deceased crew of the nuclear submarine Kursk.
A total of 572 insurance payments and one-time benefits were made to relatives of submariners.
The total amount of payments was about 20 million rubles. The volume of insurance premiums of the Military Insurance Company for 2000 amounted to 2.1 billion rubles. This is 2 times more than VSK's insurance revenues in 1999.
The weekly "Financial Russia" summed up the results of the study "Bank rating of insurance companies." VSK received first place in the category "Bank Property Insurance". The authorized capital has been increased to 700 million rubles. According to the results of the competition of the weekly newspaper of writers "Literary Russia", General Director of the Military Insurance Company Sergei Tsikalyuk was recognized as philanthropist of the year 2001.

VSK Insurance House became one of the winners of the tender of the Central Bank of the Russian Federation for the right to insure its property interests in 2003. VSK Insurance House was selected as an authorized company for insuring property interests of Sberbank of Russia for the period from 2003 to 2005.
In accordance with the decision of the Department of Insurance Supervision of the Ministry of Finance of the Russian Federation, VSK Insurance House was issued licenses to provide insurance of perennial plantings, insurance of civil (professional) liability of lawyers and insurance against accidents and illnesses.
VSK Insurance House again confirmed the A++ rating - “High level of reliability with positive prospects”, which was assigned to the company by the Expert RA Rating Agency in 2001.

2004

VSK Insurance House won in the category “Comprehensive protection of the interests of banks and their clients” of the “Banking Rating of Insurance Companies” competition.
The military insurance company is included in the list of insurers recommended for working with companies servicing government contracts.
After receiving a new version of the license, which united all licensed types of insurance, VSK Insurance House offers its clients 103 insurance products.
VSK Insurance House took 160th place in the FINANCE-500 rating.
VSK Insurance House together with the insurance company AIG Russia signed an agreement with Raiffeisenbank Austria.
Two insurance companies will provide comprehensive insurance of the property interests of the Bank's clients when concluding transactions for issuing mortgage loans.
On April 22, 2004, in accordance with the decision of the Department of Insurance Supervision of the Ministry of Finance of the Russian Federation, VSK Insurance House was one of the first to receive a license to carry out two new types of activities: insurance of civil liability of the organizer of entertainment, sports and other public events and insurance of the risk of cancellation of entertainment, sports and other public events. other public events.
On March 22, in accordance with the decision of the Ministry of Finance of the Russian Federation, VSK Insurance House received a license to conduct reinsurance activities.

The Kursk branch is one of 617 branches located throughout the country. It is one of the most successful and ranks 20th among branches.
The purpose of the functioning of each individual branch and the Kursk branch, in particular, coincides with the purpose of the Head Company - “making a profit through insurance activities in accordance with the current legislation of the Russian Federation”
Kursk branch is located at st. Dimitrova 52, tel. 514-513.
Director of the branch is Larisa Vasilievna Andreeva. He has held this position since 2003.
Organizational structure of the Kursk branch of JSC "VSK"

CKS: banking directorate; cargo liability insurance
TsRS: dms; mortgage; property insurance; accident insurance; travel insurance
TsPP: work with company partners
CAC: osago; comprehensive insurance; green map
PMO: settlement of insurance claims
OSU: information support
The branch has the following divisions: Zheleznogorsk branch, Oboyansk branch, two additional offices, a central office, agents (in car dealerships, at the border), the agent network covers Lgov, Kurchatov, Sudzha, Rylsk, Tetkino, Ponyri, Kshen, Shchigry.
The financial performance indicators of the branch are shown in Table 1.
Table 1 - Dynamics of insurance development in the Kursk region VSK

Year
Coeff. payments,%

Receipts			Payments
	Receipts (thousand roubles.)		Place in the ranking among all insurers	Payments (thousand roubles.)	% from the previous year
2005	7	31 283	0.00	10	5 320	0.00	17.01
2006	10 -3	40 566	129.67	9 +1	11 728	220.45	28.91
2007	9 +1	57 423	141.55	9 0	19 622	167.31	34.17
2008	9 0	88 739	154.54	8 +1	29 507	150.38	33.25
2009	7 +1	118 513	133.55	5 +2	44 109	149.49	37.22
2010	5 0	127 199	107.33	3 +2	53 420	121.11	42.00

The largest clients of the Kursk branch of JSC VSK:

CHAPTER 2. MAIN AREAS OF ACTIVITY OF THE INSURANCE COMPANY AND TYPES OF SERVICES PROVIDED

2.1. Car insurance

CASCO refers to an international legal term that means insurance of any vehicles: aircraft, ships, cars, carriages against damage or destruction, or loss of the vehicle. Auto CASCO is voluntary insurance. This type of insurance does not include third party liability insurance, insurance of transported cargo or passengers. CASCO insurance company is a voluntary insurance company. Only the vehicle is insured. Full CASCO car insurance is insurance against theft, theft, and damage caused to the vehicle.
Many insurance companies offer incomplete CASCO, where you can only insure against one insured event, for example, only against theft or damage. There is no single system that could provide the best type of CASCO insurance program for all insurance organizations. The program can only be selected directly for your requirements and wishes, which are determined by the characteristics of your car and your personal data and preferences. The process of choosing an insurance program requires certain skills and abilities in the insurance market, as well as fairly serious knowledge in the field of insurance.
CASCO tariffs directly depend on the condition and make of the car. Here the price is influenced by the year of manufacture of the car, how often the car is stolen, what anti-theft systems are installed on it. The price is also affected by the number of people who are entrusted to drive this car, their driving experience and driving experience. An important factor influencing the cost of CASCO is where you leave your car at night (in the garage, in the parking lot or just on the street in front of the house). When concluding an insurance contract, it is necessary to take into account the fact how you will receive insurance compensation. In this case, you can choose either repairs offered at the insurance company’s service station, or at the vehicle manufacturer’s dealership service stations, or carrying out your own repairs and receiving the cash equivalent. It is also necessary to take into account the size of the deductible - the part of the insured amount that is not subject to reimbursement. Various companies offer either full payment of the insurance premium by the policyholder or installments over several months. Cars older than 10 years can be insured under mini-CASCO programs or other programs that provide compensation for damage caused in an accident. All these conditions are included when calculating the cost of CASCO.
Full CASCO insurance includes a full list of insurance cases against theft, damage caused by the actions of third parties as a result of an accident, fire, explosion, as well as damage when a foreign object gets into the vehicle while driving. The cost of the policy for different types of insurance may also differ in percentage from 5% to 15%. Also, the CASCO policy may provide insurance against damage caused to additional equipment. If damage is caused to the radio, speaker system, xenon headlights, anti-theft system, fog lights, alloy wheels and other equipment.
OSAGO is compulsory motor third party liability insurance, i.e. Your financial liability to third parties who suffered damage due to your fault.
OSAGO insures the risk of liability of the vehicle owner for causing harm to the life, health or property of victims when using the vehicle on the territory of the Russian Federation.
According to the Law on Compulsory Motor Liability Insurance, which came into force on July 1, 2003, operating a vehicle without a compulsory motor third party liability insurance policy is not allowed. The absence of a policy entails a fine of up to 3 to 8 minimum wages (currently 1 minimum wage in the form of a fine = 100 rubles). Moreover, your car is subject to evacuation to the impound lot until the reason for the detention is eliminated, i.e. You can pick it up after presenting your MTPL policy. In the absence of an MTPL policy, it is impossible to register a car and undergo a state technical inspection.
Compulsory motor liability insurance agreement - payments, cost.
The maximum insured amount paid to victims under the MTPL policy is 400 thousand rubles for one insured event. Of these, 240,000 are for compensation for damage to the health of victims, but not more than 160,000 rubles per victim; and 160 thousand - for compensation for damage to property, but not more than 120,000 rubles per owner of this property. If there is only one victim, then the maximum payment amounts are 160 and 120 thousand rubles, respectively.
When the damage exceeds the established “ceiling” of payments, the remaining part of the compensation is paid by the culprit independently or covered by the additional DSAGO insurance program, which is concluded separately.
Cost of MTPL policy.
The cost depends on the type of vehicle, its power, driving experience, as well as the age of persons allowed to drive this vehicle, the region, the availability of insurance payments under previous insurance contracts, as well as the policyholder’s break-even in the past.
The validity period of the MTPL policy.
The MTPL contract is concluded for different periods at your request, from 3 to 12 months, with the exception of transit insurance. When your MTPL policy expires, by law you have another 1 month to renew it. During this month, traffic police officers do not have the right to detain your vehicle and impose fines on you for “overstaying.” During these 30 days, the insurance company is liable for it, provided that you renew it.

“Green Card” is an international motor third party liability insurance policy, valid in all countries participating in the International Green Card System, which includes all European countries, as well as Israel, Morocco, Tunisia and Iran. Since 2009, Russia has joined the Green Card system.
Having a Green Card is a mandatory condition for entry into the territory of all countries participating in the International System.
A Green Card policy issued by an authorized insurer in Russia frees you from the need for additional civil liability insurance in another country.
The “Green Card” is valid in the event of an accident, protecting the interests of the car owner in the event that damage is caused to the health, life, or property of third parties. That is, it guarantees reimbursement of expenses to the injured party in an accident abroad.
Insurance coverage is valid in the countries that are part of the International System. In case of an accident, insurance payments are made to the victim and carried out through the Green Card Bureau of the country in which the accident occurred.
VSK Insurance House is one of 11 Russian insurers that are members of the Russian Green Card Bureau and have the right to issue their own Green Card insurance certificates.
When purchasing a “Green Card”, you can choose the territory of the policy: “Belarus, Moldova and Ukraine” or with validity in all countries of the “Green Card” System. The insurance contract can be concluded for a period from 15 days to 1 year.

Property insurance
What can be insured

etc.................

Short description

The purpose of the report is to analyze the financial condition of the credit institution and offer recommendations for improving the efficiency of the insurance company.
To achieve these goals, it is necessary to solve a number of interrelated tasks:
– study the general principles of the organization and functioning of JSC “VSK”;
– consider the history of the company’s emergence and development;

Introduction……………………………………………………………………………….......….3
Chapter 1. Organizational and legal basis for the activities of the VSK Insurance House…………………………………………………………………………………………...…..5
1.1. General information about the company…………………………………….……....….5
1.2. History of the company…………………..……...........…..9
Chapter 2. Main areas of activity of the insurance company and types of services provided………………………………………………………...……..………..……..19
2.2. Personal insurance………………………………………………………. ........................23
Chapter 3. Financial analysis of JSC "VSK" for 2008-2010……….....27
3.1. Horizontal and vertical analysis of the property of JSC "VSK"...27
3.2. Coefficient analysis………………………………………………………………...35
3.3. Recommendations for increasing the efficiency of the company .....38
Conclusion……………………………………………………………………………………….…..40
List of sources and literature used…………………………….……42
Applications…………………………………………………………………………………..43

Contents of the work - 1 file

Introduction………………………………………………………… …………………...….….3

Chapter 1. Organizational and legal basis for the activities of the VSK Insurance House…………………………………………………………………………………………… ……...……..5

1.1. General information about the company…………………………………….…….... ….5

1.2. History of the company…………………..…….......... .…..9

1.3. Kursk branch of JSC "VSK"…………………………………………………………...16

Chapter 2. Main areas of activity of the insurance company and types of services provided………………………………………………………...……..………. .……..19

2.1. Car insurance…………………………………………………………………….……..19

2.2. Personal insurance………………………………………………………. ........................23

Chapter 3. Financial analysis of JSC "VSK" for 2008-2010……….....27

3.1. Horizontal and vertical analysis of the property of JSC "VSK"...27

3.2. Ratio analysis……………………… ………………………...35

Conclusion…………………………………………………………………….…..40

List of sources and literature used…………………………….……42

Applications……………………………………………………………………..43

INTRODUCTION

VSK has more than 17 years of experience in the insurance market. During this time, the company has gained a strong position in the insurance market, and is now able to provide high-quality insurance services throughout the country. The number of company branches in various regions has exceeded 600, and the network of branches is constantly expanding. Every year the company's client base increases significantly.

Today, both private clients and legal entities can use insurance services at VSK. To date, many Russian organizations and companies have already become VSK clients - their number has exceeded 100,000. Among VSK clients are many ministries and departments. And the number of citizens who have already appreciated the benefits of contacting the company is about 10 million people.

VSK provides a wide range of insurance services and can rightfully be considered a universal company. The VSK insurance line, which is constantly updated, includes voluntary medical insurance, CASCO and OSAGO motor insurance, property and liability insurance, etc. The company is allowed to carry out compulsory OSAGO insurance activities by a license obtained as a result of joining the Russian Union of Motor Insurers.

In connection with the above, the ability to analyze the company’s official reporting and identify ways and methods to improve the efficiency of its activities becomes important.

The purpose of the report is to analyze the financial condition of the credit institution and offer recommendations for improving the efficiency of the insurance company.

To achieve these goals, it is necessary to solve a number of interrelated tasks:

– study the general principles of the organization and functioning of JSC “VSK”;

– consider the history of the company’s emergence and development;

– consider the main activities of the company and the types of insurance services provided;

– conduct an analysis of the financial condition of JSC “VSK” for 2008-2010 according to the balance sheet;

–conduct a structural and dynamic analysis of the company’s assets and liabilities;

The subject of this report is the insurance open joint-stock company "VSK". Subject - analysis of the financial condition of JSC "VSK". The study period is 2008-2010.

The following methods were used in the analysis process: horizontal analysis, vertical analysis, comparison method, grouping method, coefficient method, method of relative and average values, balance method.

The work is based on a review of domestic literature, using the annual financial statements of JSC "VSK" for 2008-2010, as well as materials from various Internet resources.

CHAPTER 1. ORGANIZATIONAL AND LEGAL FRAMEWORK OF THE VSK INSURANCE HOUSE

General information about the company

SOAO "VSK" (Insurance House VSK) has been operating in the Russian insurance market since February 1992 and is confidently among the leading, dynamically developing domestic insurance companies.

Full name Insurance Open Joint Stock Company "VSK", located in Moscow, st. Ostrovnaya 4.

The subject of the Company's activities is the protection of the property interests of individuals and legal entities upon the occurrence of certain events (insurance events) at the expense of funds generated from the insurance contributions (insurance premiums) they pay.

The authorized capital of the Company is formed in the amount of 1,700,000,000 (one billion seven hundred million) rubles and is divided into 17,000,000 (Seventeen million) issued ordinary registered shares with a par value of 100 (One Hundred) rubles each.

A reserve fund is created in the Company in the amount of 15 (Fifteen) percent of its authorized capital. The Company's reserve fund is formed by mandatory annual contributions in the amount of 5 (Five) percent of the Company's net profit until the specified amount is reached and is intended to cover the Company's losses, as well as to repay the Company's bonds and repurchase the Company's shares in the absence of other funds. The reserve fund cannot be used for other purposes.

The General Meeting of Shareholders determines the list and size of other funds formed by the Company upon the proposal of the Board of Directors.

The beginning of VSK's work in the Russian insurance market was the solution of an important state task - the development and implementation of a mechanism for ensuring social and insurance protection for employees of federal authorities and military personnel. VSK has developed the entire regulatory framework, a system of insurance payments, which has justified itself and is successfully operating to this day. In the mid-90s, the company's management made a strategic decision to diversify its business. And today VSK offers clients a full range of traditional insurance products, as well as a number of our innovative developments.

Today VSK sells more than 100 types of high-quality insurance services, such as insurance of legal entities, insurance in the aviation sector, in the space sector, in the maritime sector, in the construction sector, cargo insurance, private property insurance, motor insurance, accident insurance, voluntary medical insurance , life insurance, insurance for those leaving their place of permanent residence, bank insurance, mortgage insurance, insurance for leasing operations, and provides insurance protection to over 70,000 enterprises and organizations, 10 million Russian citizens.

Clients include such large financial, industrial and foreign trade organizations as the Central Bank of the Russian Federation, Sberbank, VTB, Russian Aviation and Space Agency, NPO Energia, Novolipetsk Metallurgical Plant OJSC, Chelyabinsk Tractor Plant OJSC, Concern OJSC "Izhmash", OJSC "Public Russian Television".

Along with voluntary insurance, one of the priority areas of the Company’s activities is the implementation of the compulsory insurance program for civil servants, where VSK remains a recognized leader. The Company is trusted by 14 federal ministries and departments to insure their employees, including the Russian Ministry of Defense, the Supreme Court of the Russian Federation, the Prosecutor General's Office of Russia, the Ministry of Justice of the Russian Federation, the FSB of Russia, etc.

VSK has the most extensive regional network among Russian insurance companies operating under one legal entity - over 600 branches and offices in the main administrative and industrial centers of our country.

The presence of a large number of representative offices gives VSK the opportunity to provide modern insurance services and make payments to its clients, regardless of the place where the insurance contract was concluded.

For his great contribution to the development of the insurance business, President of the Russian Federation V.V. in 2002 and 2007, the VSK team received gratitude.

The all-Russian nature of its activities gives the company the opportunity to quickly settle losses and make payments to its clients, regardless of the place where the insurance contract is concluded, and also allows it to form a geographically diversified insurance portfolio and evenly distribute risks across the territory of Russia, which has a serious positive impact on the reliability indicators of VSK .

In addition, a well-functioning mechanism for settling losses and the accumulated rich experience of VSK representative offices throughout Russia gave VSK the opportunity to actively develop cooperation with other insurers in settling losses of their clients in the field of motor insurance in various regions of our country.

VSK is a member of the Russian Union of Auto Insurers (RUA), the All-Russian Union of Insurers (VUS), the Association of Insurers of Liability for Causing Harm in the Field of Industrial Safety, the Russian Association of Aviation and Space Insurers (RAAKS), the Association of Russian Banks and a number of other large associations.

VSK has created a 24-hour Call-Center, which allows the company's clients to quickly receive the necessary information 24 hours a day.

In order to increase the awareness of employees of federal ministries and departments about the progress of consideration of their insurance cases, the company has also created a 24-hour help service, the presence of which allows insured military personnel and civil servants, by making a phone call to the VSK branch of a given region at a local rate, to receive comprehensive information online information on the progress of consideration of their insurance cases at the VSK Central Office in Moscow, including the date of crediting the insurance amounts due to the Sberbank account. Today, the services of such a service are already used by VSK policyholders in 45 constituent entities of the Russian Federation.

In order to comply with modern standards for the provision of insurance services and increase popularity among individuals and legal entities, the company's management at the beginning of 2011 changed the name of the Military Insurance Company to VSK.

History of the company

The closed joint-stock company “Military Insurance Company” was formed.

A concept for the long-term development of VSK has been developed and is beginning to be implemented. The Company's strategic priorities are: maintaining the financial stability and liquidity of VSK's assets, unconditionally fulfilling the Company's obligations to clients and partners, active participation in the economic life of all Russian regions, developing and offering specialized competitive insurance programs and products to the market, providing a single space for VSK's insurance services on Russian territory.

During the year, branches of the Company were opened in 3 cities of the Russian Federation.

Sberbank of the Russian Federation and VSK Group entered into a General Cooperation Agreement.

For the first time in domestic practice, the National Olympic Committee trusts the Military Insurance Company to insure all Russian athletes participating in the Olympic Games in Atlanta (USA). The company entered into an agreement with the Russian Ministry of Justice on compulsory state insurance for judges. During the year, branches of the Company were opened in 3 more cities of the Russian Federation.

The relevance of this topic is clear. External users cannot make their choice based solely on enterprise reporting. In addition, reporting itself may not always provide all the necessary information. In this case, they resort to financial analysis. A competent financial analysis can give a clear picture of the state of the enterprise for the period. Using this data, you can assess the level of solvency, the investment policy being pursued, changes in the balance sheet structure, and much more.

1. Introduction 3

2. General economic characteristics of JSC “VSK” 4

3. Analysis of performance indicators of JSC "VSK" 15

5. Conclusion 28

6. List of used literature 29

The work contains 1 file

Federal Agency for Education of the Russian Federation

Baikal State University of Economics and Law

Finance and credit

Department of Insurance and Risk Management

Course work

In the discipline “Finance of insurance organizations”

(management and analysis)"

on the topic of:

The financial analysis

JSC "VSK" for 2007-2009

Completed by: Kopylova Y.K.,

F-07-6

Checked by: Doctor of Economics Zhigas M.G.

Irkutsk, 2011

1. Introduction 3

2. General economic characteristics of JSC “VSK” 4

3. Analysis of performance indicators of JSC "VSK" 15

5. Conclusion 28

6. List of used literature 29

Introduction.

In a general sense, the financial condition of an enterprise is a set of indicators that reflect its ability to repay its debt obligations. The financial condition is the result of the interaction of all elements of the system of financial relations of the enterprise and is therefore determined by the totality of production and economic factors. Thus, we can say that we are assessing the financial condition of the insurer. In addition, the work will identify opportunities to improve the efficiency of the enterprise.

The purpose of the work is to conduct an analysis based on the methodology, identifying the strengths and weaknesses of the insurer. The object of the work is the insurance company - OJSC "VSK", the subject is the financial condition of this company.

The objectives of financial analysis, and accordingly this work, are:

Assessment of the dynamics of the composition and structure of assets, their condition and movement;

Analysis of absolute relative indicators of the financial stability of the enterprise, assessment of changes in its level;

Analysis of the solvency of the enterprise and the liquidity of its balance sheet assets.

Chapter 1. General economic characteristics of JSC VSK

VSK Insurance House (VSK OJSC) has been carrying out insurance activities since February 11, 1992 and is currently confidently among the top five leaders in the Russian insurance market.

VSK is the largest all-Russian universal insurance company, sells more than 100 types of modern insurance services, provides insurance protection to over 100,000 enterprises and organizations, more than 10 federal ministries and departments, and 3 million Russian citizens.

VSK has the most extensive regional network among Russian insurance companies operating under a single legal entity - more than 800 branches and offices in the main administrative and industrial centers of our country. The presence of a large number of representative offices gives VSK the opportunity to provide modern insurance services and make payments to its clients throughout Russia, regardless of the place where the insurance contract was concluded.

1,700 million rubles of authorized capital, formed insurance reserves, an established risk reinsurance system in the world's largest reinsurance companies, and a balanced insurance portfolio ensure high reliability of VSK's operations.

The shareholders of JSC VSK are:

VSK Group LLC;

LLC "Vek-B";

Credo-TM LLC;

JSC "BASE HOLDING"

For his great contribution to the development of the insurance business and social protection of military personnel, President of the Russian Federation V.V. The VSK team received awards of gratitude in 2002 and 2007.

In 2008, VSK Insurance House confirmed the A++ rating - “Exceptionally high level of reliability”, which was assigned to the Company seven years ago.

The results of a comprehensive assessment of the Company’s activities in 2007-2010 allowed VSK Insurance House to again receive the highest rating class A++. During the study, experts from the Expert RA agency examined documents and information provided by the VSK Insurance House that covered all aspects of its activities.

According to experts from the rating agency, VSK's activities are characterized by a high level of solvency and financial stability. The company's investment policy had a positive impact on the rating. VSK Insurance House has high-quality obligatory reinsurance protection, which is one of the best in the Russian insurance market, both in terms of quantitative indicators and in relation to the quality of partners. Another important factor is the largest among Russian insurers and at the same time efficiently operating network of branches. The organization of their work, maintaining a single database, control and competent management of their work, advanced IT technologies indicate the great attention the company pays to entering potentially attractive regional insurance markets.

The rating agency "Expert RA" was created by the business magazine "Expert" in 1997 and is the leader in rating Russian industrial enterprises, Russian regions, financial, auditing, insurance companies and Russian exporters. The Agency is also an authorized agent of the Central Bank of the Russian Federation and the Federal Securities Commission for the disclosure and dissemination of information about banks, financial institutions, insurance companies and issuers of securities.

The methodology for rating insurance companies used by Expert RA received a positive opinion from the auditing and consulting group PricewaterhouseCoopers and is unique for Russia and the CIS countries. In fact, this is the only independent expert assessment indicating the transparency and openness of domestic insurers.

The partners of VSK Insurance House are:

International Moscow Bank;

MIAN;

Zeus Travel;

Association of Wooden Houses;

Managers Association;

Russian Youth Union;

JSC "SYNERGY";

CJSC "BKR-Intercom-Audit".

License No. 1961 D for the right to conduct insurance activities was issued to: the insurance organization "Open Joint Stock Company "Military Insurance Company"", legal address: 121170 Moscow, Kutuzovsky Ave., 36.

Types of insurance activities:

For personal insurance

Voluntary life insurance;

Voluntary insurance against accidents and illnesses;

Compulsory insurance against accidents and illnesses;

Voluntary health insurance.

For property insurance

Voluntary insurance of ground transport;

Voluntary insurance of air transport vehicles;

Voluntary insurance of water transport vehicles;

Voluntary cargo insurance;

Voluntary insurance of other types of property;

Voluntary insurance of financial risks.

For liability insurance

Voluntary insurance of civil liability of vehicle owners;

Compulsory civil liability insurance for vehicle owners;

Voluntary carrier civil liability insurance;

Voluntary insurance of civil liability of enterprises that are sources of increased danger;

Voluntary professional liability insurance;

Voluntary insurance of other types of liability.

In accordance with Article 6 of the Federal Law “On the organization of insurance business in the Russian Federation” dated December 27, 1992 No. 4015-1 (as amended on July 21, 2005) on the division of Insurance companies by type of activity, from April 1, 2007 d. The insurer under life insurance contracts is Insurance Company "VSK - Life Line" LLC, which is a subsidiary of VSK OJSC.

The authorized capital of VSK - Life Line LLC as of January 1, 2007 is 72,000,000 rubles. and paid in full.

License to carry out insurance activities C No. 386677 dated October 29, 2008.

The largest insurance payments made by VSK OJSC:

2007:

March - Salvage of the ship “SAMARY” - $1,000,000;

March - The death of the ship "Sinegorye" - $1,700,000;

April - Damage to the building of the printing production complex as a result of a fire – $2,250,000;

May – Fire at a souvenir warehouse – $2,230,000;

August - An-74 plane crash in Cameroon - $3,440,000.

2008:

January – Fire in an entertainment complex – $5,300,000;

February – Wreck of the ship Sunny Day – $1,850,000;

April - Fire on the ship Herex 4 – $1,310,000;

October - Fire and destruction of products in a shoe warehouse – $1,460,000;

December - Fire in the steel rolling shop building – $4,410,000.

year 2009:

January - Fire in the rolling shop building – 143.32 million rubles;

November - Damage to goods in a warehouse as a result of a fire – 100.26 million rubles;

December - Complete loss during testing of the Su-35 aircraft - 297.05 million rubles.

The company's payout ratio was 0.49 in 2007, 0.55 in 2008, and 0.60 in 2009.

Insurance joint-stock company "VSK" has been operating since 1992. Property insurance programs offered by the company allow you to reliably protect real estate and receive compensation in the event of fire, explosion, flooding, theft and other unforeseen incidents.

Advantages of property insurance at VSK

At the end of 2015, the company took 4th place among Russian insurance organizations in the property insurance segment, collecting 2,533,471 thousand rubles. bonuses and paying 385,780 thousand rubles. for insurance cases.

The authorized capital of JSC "VSK" is 3.65 billion rubles, and the company's reliability rating is assessed by the Expert RA agency as exceptionally high "A++" with a stable forecast. The company's insurance obligations regarding payments are guaranteed by the largest reinsurance organizations, including Swiss Re, Hannover Re, Gen Re, Munich Re, SCOR. The services of the insurance company "VSK" are used by more than 14 million individuals and 200 thousand legal entities.

Types of property insurance programs

SO "VSK" offers a wide selection of real estate insurance programs, differing in terms of insurance and the amount of insurance coverage.

"Classic building insurance"

Basic insurance program for country real estate, guaranteeing compensation for losses associated with the occurrence of the following insured events:

fire, explosion;
flooding;
failures of heating systems, water supply, etc.;
natural disasters;
broken glass;
collision with vehicles;
falling of aircraft and their fragments;
soil subsidence;
defrosting engineering systems;
causing harm to the life, health or property of third parties.

The following objects are subject to insurance under this program:

House;
interior and exterior decoration;
engineering equipment;
household property;
Civil responsibility.

The client individually creates an insurance program for himself, choosing the necessary insurance objects, a list of insured risks and the amount of insurance compensation.

"Successful"

This insurance package is intended for insuring suburban real estate worth up to 1 million rubles. All insurance conditions are listed in the classic program.

"Lucky Plus"

An insurance product designed to insure suburban real estate worth up to 3 million rubles. Insurance conditions are identical to those of the classic program.

"Maximum protection"

A comprehensive apartment insurance program that guarantees coverage of costs associated with such insurance risks as:

fire, explosion;
exposure to water;
accidents of engineering systems;
natural disasters;
illegal actions of third parties;
electrical short circuit;
collision with vehicles;
terrorism.

The following objects can be insured under this program:

interior and exterior decoration;
engineering equipment;
household property;
civil liability.

"Full construction"

This program is designed to quickly insure an apartment using a standard package. The insurance conditions completely duplicate the conditions of the previous program, with the exception that the list of insured objects does not include structural elements of the apartment.

"For a time of rest"

Short-term apartment insurance program for vacation (from 1 to 9 months). The program provides insurance for the following objects:

interior and exterior decoration of the apartment;
engineering equipment;
household goods;
civil liability.

The insured risks of the program include:

fire, explosion;
exposure to water;
accidents of engineering systems;
natural disasters;
falling foreign objects;
illegal actions of third parties (including terrorism);
collision with vehicles;
civil responsibility to neighbors.

"Rent"

This program is designed to insure apartments for rent and guarantees compensation for losses associated with such insurance risks as:

fire, explosion;
natural disasters;
flooding;
accidents of engineering systems;
falling foreign objects;
collision with vehicles;
illegal actions of third parties;
causing damage to the property of third parties.

In accordance with the terms of the program, the following objects are subject to insurance:

interior and exterior decoration of the apartment;
engineering equipment;
household property;
Civil responsibility.

"I'm filming"

The program is designed to insure household property and liability to neighbors when living in a rented apartment. Insured risks include the risks listed in the “Rent” program.

"Investment apartment"

This program is designed for clients who expect prices to rise in the real estate market in order to sell an apartment at a higher price. The set of covered insurance risks corresponds to the list of risks of the “Maximum Protection” program. The following objects are subject to insurance under the program:

structural elements of the apartment;
Civil responsibility.

Cost of property insurance programs

The table shows approximate data on the cost of property insurance at JSC VSK as of the beginning of 2017.

The name of the program	Objects of insurance	Sum insured, rub.	Cost of insurance, rub./year
"Classic building insurance"	House; finishing; engineering equipment; household property; Civil responsibility.	No restrictions	Calculated individually
"Maximum protection"	structural elements; finishing; engineering equipment; household property; Civil responsibility.	3 100 000	14 670
"Full construction"	finishing; engineering equipment; household property; Civil responsibility.	700 000	3 330
"Rent"		400 000	2 160
"I'm filming"	household property; Civil responsibility.	400 000	2 133
"Investment apartment"	structural elements; Civil responsibility.	1 200 000	1 350

Analysis of the financial activities of an insurance organization (using the example of OJSC "Insurance House VSK")

Economic characteristics of OJSC "Insurance House VSK"

OJSC "Insurance House VSK" Since November 2001, the Military Insurance Company has been offering its services under a new trade name - "Insurance House VSK" (author's note) has been operating in the Russian insurance market since 1992 and is a universal insurer on a federal scale, providing insurance services to both legal entities and individuals. The main activities of the company are represented by compulsory state insurance of military personnel (in this type the company occupies a leading position), property insurance, compulsory motor liability insurance, personal insurance and life insurance.

The main shareholders of the Company include: VSK-Liniya Zhizni LLC, Vaid-Kampany LLC, Base Holding CJSC, Credo-TM LLC, Vek-B LLC.

On June 26, 2007, the Expert RA rating agency carried out the annual procedure for updating the reliability rating of the VSK Insurance House. Based on the results of a study of the insurer’s solvency and financial stability, it was decided to maintain the company’s highest reliability rating at level A++ “High level of reliability with positive prospects,” assigned to the company five years ago by the Expert RA rating agency.

The main factors that made it possible to evaluate the insurer’s reliability so highly were: a high level of balance in the insurance portfolio, a large size of the client base, high indicators of asset liquidity and profitability of the company’s activities, high quality of reinsurance protection and investment portfolio.

The company offers its clients more than 100 modern insurance products that are in steady demand from both individuals and legal entities, as well as from state authorities and local governments throughout the Russian Federation. More than 300 branches and departments of the VSK Insurance House in all constituent entities of the Russian Federation allow the Company to quickly and efficiently support insurance contracts and settle losses throughout Russia, regardless of the place where the insurance contract was concluded. The company's clients include 14 federal ministries and departments, 70 thousand enterprises and organizations of all forms of ownership, and more than 10 million Russians. The authorized capital of the VSK Insurance House is 1.7 billion rubles.

For many years, VSK Insurance House has been one of the leaders in the Russian insurance market. At the end of 2006, the company took 6th place in terms of premiums (excluding compulsory medical insurance) among all Russian insurance organizations.

Table No. 1. Place "VSK Insurance House" in the list of largest companies

		Place in the list of largest insurance companies

The military insurance company is included in the list of insurers recommended for working with enterprises servicing government contracts. Moreover, VSK Insurance House is a repeated winner of the competition of the Central Bank of the Russian Federation for the right to insure its property interests.

After receiving a new version of the license, FSSN license C No. 0621 77 dated June 20, 2006, which united all licensed types of insurance, VSK Insurance House offers its clients 103 insurance products.

Returning to the structure of the insurance portfolio, I would like to note that excluding contracts for compulsory medical insurance, according to the results of the first half of 2007, the share of compulsory insurance is 38.74%; the share of voluntary insurance reaches almost 60%, and the share of incoming reinsurance (i.e., contracts accepted from reinsurers as cession) barely exceeds 1.7%. The gap between the VSK Insurance House and the undisputed leader - the Rosgosstrakh group of companies - in terms of the total premiums of policyholders (and reinsurers) is 268% (i.e., the premiums received by Rosgosstrakh exceed the corresponding VSK indicator by 2.68 times), however this does not prevent VSK from occupying strong positions in the first lines of the rating of the largest insurance companies in Russia for many years (see Table No. 1).

According to Table No. 2, see Appendix No. 6, in the structure of voluntary insurance, almost 2/3 of concluded contracts are for property insurance. It is closely followed by personal insurance other than life insurance (19.4%). VSK's life insurance rate is only 0.46%, which is one of the lowest rates shown in the table. The remaining approximately 6% comes from liability insurance.

Analysis of the dynamics of the structure of the insurance portfolio in terms of the loss ratio. The loss ratio is found as the ratio of the amount of insurance compensation to the amount of the insurance premium. The more this coefficient tends to zero, the higher the profitability of the corresponding type of insurance. each type of insurance separately allows us to draw conclusions about how well balanced the company’s insurance portfolio is, and about which types of insurance bring losses and which have potential profit. The results obtained during the analysis are summarized in the table below:

Table No. 3. Receipts and payments of VSK for 2005, 2006, 2007.

INDEX
VOLUNTARY INSURANCE, thousand rubles.
LIFE INSURANCE: Total insurance premiums (contributions) Insurance payments Loss ratio
PERSONAL INSURANCE (except life insurance) Receipts Payments Loss ratio
PROPERTY INSURANCE Receipts Payments Loss ratio
LIABILITY INSURANCE Receipts Payments Loss ratio
COMPULSORY INSURANCE, thousand rubles.
PERSONAL INSURANCE FOR PASSENGERS (TOURISTS, TOUR GUIDES) Receipts Payments Loss ratio
GOS. PERSONAL INSURANCE OF STATE EMPLOYEES. TAX. RF SERVICES Receipts Payments Loss ratio
GOS. INSURANCE OF MILITARY SERVICEMEN AND EQUILIBLE PARTNERS IS MANDATORY. GOS. PERSONAL INSURANCE Receipts Payments Loss ratio
CIVIL LIABILITY INSURANCE FOR VEHICLE OWNERS Receipts Payments Loss ratio
COMPULSORY HEALTH INSURANCE
Receipts Payments Loss ratio

In terms of total assets, VSK Insurance House ranks 7th, behind such well-known insurance companies as: Rosgosstrakh, Ingosstrakh, SOGAZ, Kapital, RESO-Garantiya and ROSNO, see Appendix No. 6, table No. 4.

An analysis of the dynamics of VSK’s financial performance indicators reflects a qualitative forward movement towards increasing the profitability of its insurance operations, as evidenced by the Company’s net profit, which consistently demonstrates a strong upward trend (see Table No. 5).

5. Main financial indicators of VSK Insurance House

Unfortunately, at the time of writing this course work, VSK had not yet published official financial statements for 2007, so there is no reliable data on the amount of profit received for the previous reporting period, as well as information on other financial indicators of the Company for 2007. Naturally, this does not allow us to fully compare the current financial position of VSK with previously achieved results, however, based on the positive dynamics of past years, we can with a high degree of confidence predict the continuation of the emerging favorable trend towards increasing the financial stability and solvency of the Company. This contributes, first of all, to the effective and rational use of society's financial resources in order to fully realize the interests of policyholders.