Opening new branches and continuing the process of profitability is on the agenda of Mellat insurance
Alireza Yazdandoost, the CEO of Mellat Insurance, pointed out that many of the company’s pre-planned plans for 1402 have been fulfilled, and announced that the company has broken records in terms of production insurance premiums in the past 9 months.
The managing director of Mellat insurance company explained the performance of this company for 9 months. He, who has passed the first year as CEO of Mellat Insurance, with the guidance of the board of directors and the help of the company’s management team and by using the human power of the collection and sales network, has been able to leave a brilliant record of performance in the 9 months of this year.
A look at the periodic financial statements published by the company shows that Bima Mellat has not only succeeded in fulfilling the forecasts but is breaking records in many cases.
Yazdandoost said about the actions of Mellat Insurance in the 9 months period ending in December 1402 and the company’s successful track record: One of the most important measures taken by the management team in 1402 was the elimination of loss-making portfolios, maintaining balance in the composition of the company’s portfolio and moving in the direction of profitability, which was the strict implementation of this policy. , has caused the company to break records in many cases, including production insurance premiums.
Referring to the growth of production insurance premiums in the period of 9 months, he said: According to the report published in Kodal, the insurance premiums issued by the company in the nine months of 1402 exceeded four thousand billion tomans, which is the total amount of insurance premiums issued for the whole year. It has been more in the past.
Yazdandoost pointed out that the comparison of the company’s performance during this period compared to the same period last year indicates an 83% growth in issued insurance premiums, while the growth of paid damages was only 19% compared to these two dates.
The CEO of Mellat Insurance pointed out that the amount of losses paid by Mellat Insurance from the beginning of April to the end of December 1402 was about one thousand and 724 billion tomans, and added: As the financial statements show, Mellat Insurance has been able to successfully manage its portfolio and properly manage risk. to increase its loss ratio from 65% in the first 9 months of 1401 to 42% in the same period of this year. Meanwhile, according to the Central Insurance report, the loss ratio of the insurance industry in the first eight months of this year was about 52%, and Mellat Insurance managed to experience a loss ratio lower than the average of the insurance industry.
He continued: the total insurance premium issued by Mellat Insurance in 1401 was about three thousand 188 billion tomans, and according to the reports published in Kodal, the insurance premiums issued for 9 months this year are 26% more than the total insurance premiums issued in the whole year 1401. This shows that the company has tried with all its might not only to fulfill its promises, but also to exceed expectations and take a firm step towards achieving long-term goals by achieving new records.
The CEO of Mellat Insurance said about the state of the company’s portfolio: For this year, a portfolio of 4,800 billion tomans is predicted, but due to the positive and rapid trend of the company, we hope that the portfolio of 6,000 billion tomans will be realized, and of course, the portfolio reform process will continue.
He noted: It is expected that the projected budget will be realized for the next year as well. The budget forecast of 1403 Mellat insurance companies is about 8 thousand billion tomans, which is being reviewed in the meetings of the board of directors.
The big project of Camtina and new branches
The CEO of Mellat Insurance, referring to the plans on the agenda of the company and referring to the important and big Kamtina project, said: This project has been praised by many national officials and activists and economic and capital market experts, and we are working as promised in the ceremony. We strove to complete Kamtina.
He added: Fortunately, in November of this year, the executive operations of Mellat insurance commercial, administrative and recreational complex in Kish Island with the presence of the advisor to the president and the secretary of the Supreme Council of Free Commercial, Industrial and Special Economic Zones of the country, the general manager and members of the central insurance executive board and The CEOs of the country’s insurance companies started, and this action is considered one of the most important steps of the nation’s insurance in bringing the company’s plans to a conclusion.
Regarding the details of this plan, Yazdandoost noted: The land where the implementation work of the Kamtina project began, was practically left without any effective action from 2009 to 1401. But since September of last year, with the change of the Mellat insurance management team and in the shadow of the sympathy of the company’s board of directors, we managed to go through both the process of obtaining the permit and the process of excavating and leveling the mentioned land in a short period of time. On the same day of pickling, concreting also started and now the concreting of the foundation is finished.
He added: Mellat Insurance’s investment in the Kamtina project, which is an administrative, commercial and recreational project, can be a turning point for investment and strengthening the company’s financial base. In addition, this huge project can have a positive impact on the symbol of Mellat Insurance in the capital market and create wealth for the company’s shareholders.
Stating that one of the company’s future plans is the expansion of branches, the CEO of Mellat Insurance added: Mellat Insurance Company was not branch-oriented in the past years, but with the establishment of a new management team and the big plans of the board of directors, 5 branches have been opened in the last year and 2 branches have been opened. They will start working at the end of this year.
He emphasized: We currently have 17 active branches in the country, we opened the West Mazandaran branch recently in Tankabon city, and 2 more branches will be opened by the end of the year.
Yazdan Dost stated: We are considering that Sistan and Baluchistan and Bushehr branches will start working soon. Also, in next year’s budget, a significant amount should be considered for newly established branches so that we can witness the prosperity of new branches.
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 be ready to enter 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.
In the end, he said: all the company’s successes in the field of insurance and profitability and being among the top companies in the country’s insurance industry, as chosen by the Industrial Management Organization, have been achieved in the shadow of the shareholders’ trust, the support of the board members and the double efforts of managers and experts of Mellat Insurance. And without a doubt, Mellat Insurance’s track record will be brighter in 1402 with the support of stakeholders and in the shadow of stability and peace and the extensive activities of the company’s sales network.