Uzbekinvest is the first among insurance companies to conduct an IPO
Tashkent, Uzbekistan (UzDaily.com) -- Export-import insurance company Uzbekinvest held a presentation of its IPO.
Uzbekinvest was the first of 38 insurance companies in Uzbekistan to enter an IPO, placing shares in the amount of 5% (14.1 billion soums) of the authorized capital on Uzbekistan Stock Exchange.
“In our opinion, the entry of one of the largest insurance companies into an IPO, on the one hand, will give a powerful impetus to ensuring transparency in the activities of the insurance market, on the other hand, it will intensify the activity of the securities market. To enter the IPO, Uzbekinvest employees did a lot of work to ensure compliance with international standards and recognition of the company’s financial stability by international rating agencies. And today we want to congratulate the company’s management and its employees on the successful implementation of such fruitful work,” noted First Deputy Director of the National Agency of Perspective Projects Vyacheslav Pak in his welcoming speech.
Today, 38 insurance companies operate in Uzbekistan. In the process of developing the insurance market of Uzbekistan, for the nine months of 2023, the collection of insurance premiums in the amount of 5.9 trillion soum was ensured, which is 33% more compared to the same period in 2022. Their share in GDP was 0.8%, and the volume of investments by insurance organizations in the economy reached 5.7 trillion soums. For the first time in the history of the insurance market, indemnities paid by insurance companies exceeded more than 1 trillion soums.