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 oil and condensate production and exports saw a marked decrease during the period from January to September 2024, continuing a downward trend compared to previous years.
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Investments in fixed assets in Azerbaijan totaled 12.7 billion manats ($7.5 billion) in the first nine months of 2024, down 3.9 percent compared to the same period last year, the State Statistics Committee said on Monday. Investment in the oil and gas sector fell by 8.4 percent, while investment in the non-oil and gas sector dropped by 1.6 percent.
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Industrial production in Azerbaijan rose by 1.3% year-on-year in the first nine months of 2024, reaching 47.8 billion manats ($28.2 billion), the State Statistics Committee reported on Monday. The growth was driven by a 0.6% increase in the oil and gas sector and an 8.7% rise in the non-oil and gas sector.
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As of September 2024, the labor market in Azerbaijan has demonstrated active activity, total employment has reached 1,754.9 thousand people. The labor force is almost equally divided between the state and non-state sectors, which employ 878.3 thousand and 876.6 thousand people, respectively, according to the State Statistics Committee.
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