IFG TAS stops negotiating sale of the insurance companies of the Group
IFG "TAS" has decided to stop negotiations on the sale of insurance companies of the Group until 2011 and to develop the insurance business without the participation of foreign partners.
"Despite the difficult economic situation in the country, the Group considers insurance as one of the most dynamic and promising areas of business", - said Chairman of the Supervisory Board of IFG "TAS" Sergei Popenko.
During 2009, interest in purchasing SG TAS and SK TAS was shown by investors from Germany, France, Poland, Russia and other countries, but their proposals did not meet the strategic plans of the Group. Consequently, IFG TAS will develop the insurance business on their own and will not involve seek new shareholders for further development of the companies.
IFG TAS is confident in the success of insurance companies of the Group and will continue to strengthen their competitiveness. For investments in the insurance business, IFG "TAS" has sufficient financial resources. Thus, during this year IFG TAS swiftly covered any temporary gaps in liquidity caused by the decline in written premiums and the issues related to deposits withdrawals from some banks. The total amount of this gap was about 40 mln.
The Group will continue to actively develop the insurance business. In particular, in 2010 it is planned to increase the authorized capital of SG TAS by 100 million UAH, and SK TAS - by 20 million UAH, which will enable companies to strengthen the leadership position in the insurance market of Ukraine and promptly and efficiently fulfill all their obligations before their customers.
Investment Financial Group "TAS" (IFG TAS), founded in 1998, is one of the largest and most dynamic financial-industrial groups in Ukraine. It consists of about a hundred companies operating in Ukraine and CIS countries. Scope of business interests of the Group "TAS" includes: financial sector (banking and insurance segments), industrial sector, real estate, venture projects, etc.
CJSC "Insurance Group"TAS" was created in 1998. Since 2001, it is part of " TAS " Group. SG offers its customers more than 100 insurance products in 60 types of complex and specialized programs for voluntary and compulsory insurance. According to preliminary reporting data of the leading five companies of Ukrainian insurance sector, in the second quarter of 2009 SG TAS took 5th place in the rating of insurers by gross written premiums.
CJSC "Insurance company "TAS" - is one of the leading and most respected insurance companies in Ukraine, which offers a wide range of advanced life insurance programs, it has been operating since 2001. In the first quarter of 2009, SK TAS took 3rd place by gross written premiums.