The local insurers Alfa Sigorta officially denied reports of a number of local electronic mass media on its closure.
The press release stated that "widespread speculation and assumptions about the closing are untrue. The company operates in a normal mode, providing full range of insurance services."
In accordance with the strategic goals, Alfa Sigorta continues to work on improving operational processes and customer services. In this connection, it works on the automation and optimization of the structure and costs.
Alfa Sigorta with the authorized capital of 7,780,000 manat received a license to operate in 1997. The sole shareholder is JSC Bank Technique. Clients are provided services for 33 types of insurance, including those in the framework of membership in the Bureau of Compulsory Insurance.
In January-March its premiums amounted to 1 million 495.93 thousand manat with payments of 434 thousand manat. --17D-
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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