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16:37
ORANTA SEES NET INCOME FALL BY 18% IN H1, 2009

Kyiv, August 3 (Interfax-Ukraine) – OJSC Oranta insurance company (Kyiv) in January to June 2009 saw its services sales net income fall by 18% year-on-year, to UAH 318.018 million, according to the company's quarterly report.

The company's net loss in the first half of 2009 rose by 4.43 times, to UAH 70.777 million.

As reported, referring to Oranta Supervisory Council Chairman Oleh Spilka, the loss was forecast in the fourth quarter of 2008 and caused by the hryvnia's devaluation.

In addition, Spilka said that motor insurance occupied a significant share in the Oranta's portfolio and as the majority of the cars insured at the company cars are foreign, losses grew sharply.

Oranta is one of the three largest insurance companies in Ukraine in the sphere of classical insurance. Currently, the company has almost 800 branches in regional centers, districts and cities. Its agent chain consists of over 7,000 insurance agents.
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