The assets of the only local reinsurance company AzReTekrarsigorta were at the level of 98 million 691.09 thousand manats as of 1 January of the year (+ 17.1% YoY), and the liabilities - 29 million 179.88 thousand manats (+ 1.6%).
According to the structure of financial statements certified, its total revenue amounted to 66 mln. 101.38 thousand manats with investment income of 4 million 98.12 thousand manats. Last year's winners were at the level of 50 million 715.55 thousand manats (+ 9% per year).
Expenses (48 million 113.95 thousand manats) are premiums passed for reinsurance abroad (20 million 599.44 thousand manats), payments on an insured event occurred (16 million 692.34 thousand manats) spending on maintenance of insurance (7 million 666.66 thousand manats), the return of premiums (2 million 156.84 thousand manats) and some less significant positions.
The company's net profit stood at 14 million 171.28 thousand manats (+ 18.5% YoY) with equity at 69 million 511.21 thousand manats (+ 25.1%). Deposits of the bank accounts in the country and abroad on 1 January amounted to 53 million 176.54 thousand manats.
JSC AzReTekrarsigorta with the authorized capital of 40 million AZN operates under the Ministry of Finance license from October 2007. The Chairman of the Board is Fuad Guliyev. --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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