28 Apr 2014 07:00
TCS GROUP HOLDING PLC
Tinkoff Online Insurance launches online sales and expands its product portfolio
Moscow, Russia - 28 April 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 launch of Tinkoff Online Insurance website at www.tinkoffinsurance.ru and further expansion of its product portfolio with travel insurance.
The web-based service featuring simple design is available on multiple screen sizes and serves as an online sales and customer support channel. It provides a number of innovative online solutions including a chat line with a call centre specialist and a smart self-learning search engine. The web-based platform offers a customisation option for product selection and enables customers to switch between the telephone and online service. The launch of a mobile application for smartphones and the extension of functionality are expected in the near future.
Following the rollout of personal accident insurance and property insurance products in September 2013 and February 2014 respectively, Tinkoff Online Insurance has launched today a travel insurance offer. During 2014, Tinkoff Online Insurance expects to add motor insurance to its product portfolio.
Commenting on today's announcement, Oliver Hughes, CEO of TCS Bank, said: "The launch of our insurance products offer has generated a significant volume of new business over the past six months. To date, we have accumulated over RUB350 mln in premiums. Our insurance business will gain further momentum after the launch of new web-based platform, which serves as an important distribution and customer support channel. We continue to see additional opportunities in the market for new insurance products as we focus on providing innovative, convenient solutions and superior customer service. These are the core elements of the Group's product offering, representing our competitive advantage."
For enquiries:
Tinkoff Credit Systems Bank Darya Ermolina, Head of PR + 7(495) 648 1000 (ext. 2009) d.ermolina@tcsbank.ru
| Tinkoff Online Insurance Dmitry Medvedev, Head of Marketing + 7(495) 648 1000 (ext. 2091) d.medvedev@tinkoffinsurance.ru
|
FTI Consulting London Larisa Kogut-Millings +44 (0)20 3727 1364
| 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 the Central Bank of Russia ("CBR") data, as of 1 January 2014). As of 1 January 2014, the Group has issued 3.9 mln credit cards.
In addition to a market-leading credit card offering, the Group has developed a successful online retail deposits programme. The Group'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 31 December 2013, the Group's total assets amounted to USD 3 bn, net loans and advances to customers stood at USD 2.3 bn and customer accounts (deposits) amounted to USD 1.3 bn. In 2013, the Group generated a net profit of USD 181 mln and net interest income of USD 843 mln.
The Group is well capitalised with the CBR N1 capital adequacy ratio of 15.8% as of 1 January 2014, and its total capital ratio and Tier 1 capital ratio of 25.03% and 19.85%, 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.
Forward-looking statements
Some of the information in this announcement may contain projections or other forward-looking statements regarding future events or the future financial performance of the Group and TCS Bank. You can identify forward looking statements by terms such as "expect", "believe", "anticipate", "estimate", "intend", "will", "could," "may" or "might", the negative of such terms or other similar expressions. The Group and TCS Bank wish to caution you that these statements are only predictions and that actual events or results may differ materially. The Group and TCS Bank do not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in projections or forward-looking statements of the Group and TCS Bank, including, among others, general economic conditions, the competitive environment, risks associated with operating in Russia, rapid technological and market change in the industries the Group operates in, as well as many other risks specifically related to the Group, TCS Bank and their respective operations.