Universalna Insurance increases GPW 79.3% yoy in 1Q08

Universalna Insurance increases GPW 79.3% yoy in 1Q08.

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Financial results, USD mln  1Q07   1Q08   Chg,%
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Gross premiums written       9.8   17.6    79.3
Payments                            3.4    5.9    73.3
Reserves                            12.2   18.9    54.8
Total assets                        41.6   93.9   125.9
Capital                               33.3   59.9   179.7
Revenues                            7.4   12.4    68.0

The main drivers of Universalna’s (SKUN: BUY) GPW growth remained CASCO (+116.4% yoy to USD 6.7 mln in 1Q08), OMTPL (+295.4% yoy to USD 2.9 mln) and property insurance premiums (+62.7% yoy to USD 3.2 mln). Universalna said that it expanded its network by 30 branches to 115 in 1Q08. Alexander Viktorov: 1Q results more than confirm that Universalna is on track to meet our full-year projections of GPW growth to USD 76 mln. The reported figures do not include Oradon, acquired by Universalna in December 2007, which will be consolidated later this year; the company is finalizing acquisitions in Belarus. We estimate consolidated premiums to grow 166% yoy be USD 134 mln in 2008.