AXA MBASK Increased Assets by 8.4%
Assets of the insurance company XA MBASK in 2016 increased by 8.4% or 2,960,936 manat in comparison with 2015, making 38,291,387 manat.
The capital of the company during this time increased by 3.6% or 687,045 manat and is 19,979,626 manat.
During the reporting period, the liabilities of AXA MBASK amounted to 18,311,760 manat (an increase of 2,273,890 manat or 14.2%).
In 2016, the insurance company's revenues amounted to 25,760,800 manat, and the expenses were 25,256,168 manat.
In 2016, AXA MBASK got 403,705 manat of net profit.
The company’s authorized capital is 19,733,738 manat. ---71D
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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