3rd Feb 2014 07:00
TCS GROUP HOLDING PLC
Tinkoff Online Insurance launches property insurance on mass market
Moscow, Russia - 3 February 2014. TCS Group Holding PLC (TCS LI) (the "Group"), Russia's leading provider of online retail financial services including "Tinkoff Credit Systems" Bank ("TCS Bank") and the insurance company "Tinkoff Online Insurance", today announces the mass market launch of its property insurance products.
Tinkoff Online Insurance started offering personal accident insurance to TCS Bank's clients in September 2013. The offer of property insurance to TCS Bank's clients and for the Russian mass market marks the first stage of further expansion plans. In the second quarter of 2014, the Group will launch online sales of its current insurance products (personal accident and property insurance) and will start offering new travel insurance online to the mass market. During 2014, the Group expects to add motor insurance to its product portfolio.
Tinkoff Online Insurance has developed its proprietary and highly advanced IT platform and leveraged the vast expertise of TCS Bank in building innovative financial services businesses to provide a wide range of services to Russian consumers, including a customized choice of insurance products, and a convenient claims settlement and sales process, which can be done online from anywhere in Russia. The new online insurance products will be delivered according to the Group's traditionally high customer service standards.
Commenting on today's announcement, Oliver Hughes, CEO of TCS Bank, said: "We are extremely pleased with the take up of the personal accident insurance product among TCS Bank's customers. Since its launch in September 2013 we have sold over 200,000 policies. Tinkoff Online Insurance is uniquely positioned to offer a simple, convenient and customised service to Russia's underpenetrated and fast growing insurance market and to benefit from the adoption of online services throughout the country."
Fedor Voronin, COO of Tinkoff Online Insurance, added: "We expect to scale our insurance offer at Tinkoff Online Insurance during 2014 with the rollout of a full retail product suite of insurance solutions to Russian consumers. Our affordable property insurance is tailored to the underserved domestic market where we see considerable growth prospects."
For enquiries:
Tinkoff Credit Systems Bank
Darya Ermolina, Head of PR
+ 7(495) 648 1000 (ext. 2009)
FTI Consulting London
Larisa Millings
+44 (0)20 7269 7153
FTI Consulting Moscow
Maria Shiryaevskaya
+7 495 795 06 23
About the Group
TCS Group Holding PLC is an innovative provider of online retail financial services operating in Russia through a high-tech branchless platform. In order to support its branchless platform, the Group has also developed a "smart courier" network covering almost 600 cities and towns in Russia which allows next day delivery to many customers.
Since its launch in 2007 by Mr. Oleg Tinkov, one of the best known Russian entrepreneurs with a long track record of creating successful businesses, the Group has grown into a leader in the Russian credit card market, with the third largest credit card loan portfolio and a market share of 7.5% based on non-delinquent receivables (according to Central Bank of Russia ("CBR") data, as of 1 October 2013). As of December 2013, the Group has issued over 4 mln credit cards.
In addition to a market-leading credit card offering, the Group has developed a successful online retail deposits programme. TCS Bank's other innovative lines of business include Tinkoff Online Insurance, which enables the Group to underwrite and sell its own innovative online insurance products, and Tinkoff Mobile Wallet, mobile payment solutions and financial services for Russian consumers.
As of 30 September 2013, the Group's total assets amounted to USD 2.7 bn, net loans and advances to customers stood at USD 2.2 bn and customer accounts (deposits) amounted to USD 1.1 bn. In the nine months ended 30 September 2013, the Group generated a net profit of USD 126 mln and net interest income of USD 610 mln.
The Group is well capitalised with the CBR N1 capital adequacy ratio of 14.6% as of 30 September 2013, and its total capital ratio and Tier 1 capital ratio of 23.2%* and 15.5%*, respectively.
The Group's class A shares, in the form of Global Depositary Receipts, have been trading on the London Stock Exchange since October 2013. TCS Group Holding PLC's share capital consists of 89,044,396 Class A shares and 92,144,679 Class B shares.
* Bank's estimates (unaudited)
Related Shares:
TCS.L