The net profit of the insurance company Ipek Yolu Sigorta last year was 2,643,610 manats (minus 7.7% or 420,000 in comparison with the results of a year ago).
According to the financial report, the total income of the insurer was 20.6 million manat , of which the most weighty position was premiums (16.58 million). From reinsurance there was obtained 657,630 manat, and investment income made up 872,010 manats.
Expenses were at 17.3 million manat. Here the leader is risks given to reinsurance - 13.21 million manat and return for premiums - 3.1 million manat (almost one fifth of the premiums collected). Running the business was spent not much - 714 210, and insurance payments were little - 87,030 manat.
Assets grew almost (+0.1 %) - 22,089,160 manats, but liabilities, including short-term, increased by 30.6% (7.28 million), while equity reduced by 4.5% to 14.81 manats.
The volume of deposits placed in banks decreased by 2.5% to 5,514,250 manat.
JSC Ipek Yolu Sigorta has been operating in the insurance market of Azerbaijan since 1996. The company's share capital is 12,092,500 manats.
The shareholders of the company are the airline Silk Avia, JSC AZAL and one individual. -17D-
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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