"Aviation" insurer returned almost a fifth of the premiums collected

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-