Mellat Insurance’s brilliant track record, from 337% profit growth to obtaining a foreign trust license
According to the financial news, Alireza Yazdandoost, CEO of Mellat Insurance, pointed to the 337% growth of the company’s profit, and announced that the company has obtained a foreign reliance license from Central Insurance.
He, who took over leadership of Mellat insurance in the second half of last year, was able to record a brilliant performance in the shadow of stability and calm and with the support of the board members. In March of last year, he had promised “at least three times the profit for the nation’s insurance”, now he has fulfilled his promise by publishing the financial statements and not only the profit has been 3 times but more than 4 times has been realized.
Yazdandoost said about the actions of Mellat Insurance in 1401 and the company’s successful track record: One of the most important actions of the new management team in 1401 was to eliminate loss-making portfolios, maintain balance in the composition of the company’s portfolio, and move in the direction of profitability. The strict implementation of this policy led to a 337% increase in Mellat Insurance’s net profit.
Referring to the 34% growth in the gross premium income of Mellat Insurance, he said: The company’s priority in 1401 was to increase profitability and we do not pursue the increase in premium income at any cost, although we were able to realize more than 100% of the portfolio predicted in the plan approved by the board of directors and give an appropriate response to the support of the board members.
The CEO of Mellat Insurance said about the company’s other measures in the field of insurance: One of the most important measures of Mellat Insurance, after the presence of the new management team, was paying special attention to the field of reinsurance. Last year, we were able to obtain the necessary approval from the Central Insurance of the Islamic Republic of Iran to issue the first reinsurance bonds in the country, which plays an important role in transferring industry risks to the capital market.
He added: In addition to this issue, in 1402, with the efforts of the new management team, after several months of interruption, we were able to receive a license to accept foreign insurance from the Central Insurance and get ready to participate in the regional and international insurance markets. This license can expand the scope of our insurance activity beyond the borders of the country and mark a new chapter for the company.
Yazdandoost also pointed to the design of new and innovative products in 1401 and said: The design of the civil liability insurance policy for cyclists, which was unveiled in collaboration with the cycling federation, was one of the company’s important measures in the field of new product creation, and in March, supplementary insurance for small and medium businesses was unveiled to support start-ups and small and medium businesses, which made the company’s product portfolio more complete.
The CEO of Mellat Insurance also mentioned about the fruition of the Kish project: The commercial, administrative and entertainment complex project of Kish, which was started about a decade ago, was one of the forward-looking measures of Mellat Insurance last year, which came to fruition after several years of interruption and with the special support of the board members, and while obtaining the necessary permits, excavation operations were carried out.
He added: This project is being built on a land of 30,000 square meters, in a special location on Kish Island, which has an infrastructure of over 70,000 square meters in three commercial, administrative, residential and recreational sectors.
Yazdandoost stated: Undoubtedly, one of the most important areas of performance of insurance companies is in the field of payment of damages and protection of policyholders, and one of our strengths last year is the quick and timely payment of policyholders’ losses.
The CEO of Mellat Insurance also pointed to the successful performance of this company in the first quarter of 1402 and added: The company’s sales this spring have increased by 81% compared to the spring of 1401 and due to proper risk management, the company’s loss has decreased by about 14% despite experiencing such growth. On the other hand, the opening of 4 branches within 6 months has been one of the success angles of Mellat insurance.
He pointed out: All the company’s successes in the field of insurance and profitability and being ranked the seventh best company in the country’s insurance industry as chosen by the Industrial Management Organization, have been achieved in the shadow of shareholders’ trust, the support of the board members and the double efforts of the managers and experts of Mellat Insurance, and undoubtedly, the record of Mellat Insurance in 1402 will be brighter with the support of the stakeholders and in the shade of stability and peace and the extensive activities of the company’s sales network.