The insurance company in the form of the Limited Liability Company “O’zbekinvest Hayot” was founded in 2003 in the form of a subsidiary company by the National Company of Export-Import Insurance “Uzbekinvest”.
The License SF №00030 given on February 13, 2004 by the Ministry of Finance of the Republic of Uzbekistan allows to issue voluntary insurance in the fields of life insurance (classes I-IV) and general insurance (classes 1-2).
“O’zbekinvest Hayot” Insurance Company was created in the purpose of providing life insurance services to the physical and legal persons of the Republic of Uzbekistan, foreign physical and legal persons, and other statelessness persons.
The main mission of IC “O’zbekinvest Hayot” is:
– providing the insurance services in the field of life insurance and under classes 1 and 2 of general insurance;
– development the means of social protection of broad cross section of population of Uzbekistan by providing appropriate insurance products;
– application into practice the new international insurance standards of life and health insurance;
– progress the cooperation with international, foreign, national, allied, and foreign, state, and private insurance organizations;
– providing the insurance services accordingly to the law of the Republic of Uzbekistan and international laws.
Authority capital worth 500,0 mln. soums at the moment of establishment was increased up to equivalent of 1 300,0 thousand US dollars in 2007.
On September 29, 2009 the Company received the license SF №00127 given the right to issue voluntary and mandatory insurance in the fields of life insurance (classes I-IV) and general insurance (classes 1-2).
After increasing the number of shareholders by entering Kafolat State Joint Stock Insurance Company on November 2009 the Company was renamed to “O’zbekinvest Hayot” Subsidiary Insurance Company in the form of Economical Society increasing the authority capital up to the equivalent of 1 500,0 thousand euros (82,95% shared by Uzbekinvest NEIIC and 17.05% shared by Kafolat SJSIC). Thereupon on December 9, 2009 it has been received renewed license SF №00131 given the right to provide the mandatory insurance services in life insurance field.
The Company operates under a license SF №00217, issued by the Ministry of Finance of the Republic of Uzbekistan 22.08.2016. (Certificate of state registration №9 from 10.08.2016.) In the following areas:
In the following areas:
– to deal with voluntary and mandatory insurance in the field of life insurance and includes the following classes:
Class I – Life and Annuities
Class II – Matrimony and Birth
Class III – Long Term Life Insurance
Class IV – Health Insurance
– and the following classes in the field of general insurance:
Class 1 – Insurance Against Accidents
Class 2 – Insurance Against Illness
In the second half of 2010 the authority capita was increased again by the decision of founders, today it is in equivalent of 2 000,0 thousand euros (80% shared by “Uzbekinvest” and 20% shared by “Kafolat”).
As of July 1, 2012 the share capital of the Company increased to the equivalent of 2,250.0 thousand euros. This measure was implemented pursuant to the Resolution of the President of the Republic of Uzbekistan “On additional measures to further improve the financial stability of insurers” № 1544 of 31 May 2011. After that, the founders’ shares as follows: Uzbekinvest – 82.22%, Kafolat – 17.78%.
Further changes to improve the financial stability and solvency occurred in November 2012 when, pursuant to the requirements in the legislation of the minutes of general meeting of founders IC “O’zbekinvest Hayot” company’s share capital was increased to the equivalent of 3 000,0 thousand euros.
January 7, 2013 the Company had obtained a new license number SF№ 00178, issued by the Ministry of Finance of the Republic of Uzbekistan in connection c change of registered office for the implementation of voluntary and compulsory insurance in the life insurance industry (class I-IV) and general insurance (class 1-2).
“O’zbekinvest Hayot” Insurance Company is the first company received the right of an activity in the field of mandatory life insurance (particularly, annuity contracts accordingly to the Law of Mandatory Employer Civil Liability Insurance).
The ability of “O’zbekinvest Hayot” to response for ones liability in full confirmed by the rating of financial stability «UzА+» (very high financial strength) on the national scale (Saipro).
August 2014 According to the results of the Company in 2013, in order to enhance financial stability and solvency, by the founders of the profit was aimed at increasing the authorized capital of the IC “O’zbekinvest Hayot”, whereby the size of the current date is equivalent to 3 074,9 thousand euros.
On April 14, 2015 to improve the financial stability, the IC “O’zbekinvest Hayot” by shareholders adopted a decision to increase the authorized capital of the company. A part of funds for this purpose was allocated by the founders. In addition, the profit gained on the results of operations of the company in 2014, has also directed on the completion of the authorized capital of the company. Thus, the size of the formed authorized capital of IC “O’zbekinvest Hayot” at 22 April 2015 reached the equivalent of 4 000,0 thousand euros.
In addition, in order to ensure the balance of the insurance portfolio and the creation of additional measures aimed at improving the financial stability of the Company carries out active reinsurance with leading domestic and foreign reinsurance companies.
Besides that the Company conducts the active reinsurance business with the leaders of national and international reinsurance markets for securing the balanced insurance portfolio and creating additional measures directed to strengthening financial stability
Formed registered capital of “O’zbekinvest Hayot” IC is the equivalent of 4.0 million euro. Founders – “Uzbekinvest” (80%) and JSC “Insurance company KAFOLAT” (20%).
In order to optimize the organizational structure and management of the company, according to the decision of the general meeting of founders dated August 2, 2016, IC “O’zbekinvest Hayot” transformed into “O‘zbekinvest Hayot” LLIC, as obtained the sertificate of state registration №9 from 10.08.2016. License and SF №00217, issued by the Ministry of Finance of the Republik of Uzbekistan from 22.08.2016. At the date of conversion of the founders remained the same: “Uzbekinvest” (80%) and JSC “Insurance company KAFOLAT” (20%).