" In the Name of God, the Compassionate, the Merciful "
I am very pleased that God has helped me to submit once again an annual operating report of Bimeh Iran (Iran Insurance Company) for the years 1377 (financial year ending 2113/99).
In this regard, you would kindly note that:
Total premium written in the year I 377 has amounted to Rials 1,150 billion which shows a 24.84 pet increase in comparison with the previous year (1376), and the Company with 57 pet share in the Iranian insurance market, could prove again its role as the leading and largest insurance company in Islamic Republic of Iran.
Out of the above premium amount, Motor insurance with 48 pet (37 pet TPL & I I pet Physical Damage), Fire insurance with 14,5 pet and Accident and Life insurance with 10,7 pet and 9 pet respectively have major shares in our portfolio.
Out of Rials 1,150 billion written premium, Rials 334 billion is related to governmental sector and Rials 816 billion to private sector, which in comparison with the same figures of previous year 1376 would show 1 pet and 38 pet increase, respectively. 71 pet of our total premium comes through private sector.
Claims paid in the year 1377 with amount of Rials 793 billion would show 30.7 pet increase in comparison with the same figures in the year I 376 and our share of the market's total claims paid is 63 pet.
Out of the above claims paid figures, the highest relate to Motor policies with Rials 444 billion forT. RL and Rials 62 billion for Physical Damage.
Following Motor claims, other insurance branches in descending order would be Accident, Life, Health, Aviation and Fire.The least claims paid relate to Marine Hull with Rials 3 billion.The Company's loss ratio in the year 1377 is 69 pet which shows 3 pet increase in comparison with the year 1376 which was 66 pet. During the recent years, loss ratio of the Company has grown due to MotorTRL claims.
Total number of policies issued in 1377 are about 4,015,187 whilst total number of claims reached to 542,172 which only shows 10% increase in comparison with 1376. Out of 6,255,192 policies issued in the market, 64 pet of them were written by Bimeh Iran. Almost 45 pet of the policies relate to the Motor Branch. When we compare the number of policies with the number of population, it is clearly observable that there is a great potential for further growth and development in all branches of Insurance.
The Company's net profit after taxation reached to Rials 4 billion. Our total assets in balance sheet is reported as Rials 977 billion, which compared to the previous year, shows a 17 pet increase which is based on book value whilst the present value of the assets, is currently worth much higher than the mentioned amount Iran Insurance Co., with the aim of expanding and developing its servicing network, in the subject year established 68 new branches and 148 agencies throughout the country's provinces and cities.
This brought the total of the Company's branches and agencies to 246 and 1,272 respectively,