AXA Mbask Invests in Development

The local French-Azerbaijani insurance company AXA Mbask last year suffered a loss of 2 million 934.29 thousand manat (in 2013 its net profit amounted to 29.45 thousand manat). The reason is that the management decided to develop business structures, which require investments.

According to the financial statements confirmed by the auditor's report, the total revenues were at the level of 21 million 634.85 thousand manat. Most of them were direct premiums - 18 million 522.96 thousand manat, investment income - 1 million 379.66 thousand manat, and premiums under reinsurance - 622.01 thousand manat.

The expenses amounted to 24 million 569.15 thousand manat. The volume of insurance payments was 10 million 726.97 thousand manat, conducting insurance business - 10 million 323.97 thousand manat, return on premiums - 1 million 131.85 thousand manat, etc.

The company's assets grew by 14.3% to 28 million 955.45 thousand manat, liabilities - by 6.9% to 15 million 880.37 thousand manat, and capital - by 24.9% to 13 million 75.08 thousand manat.

The deposits placed with banks increased (+ 28.1%) to 15 million 935 thousand manat.

The insurance company AXA Mbask was founded in 1992. The shareholders are AXA Seguros Generales, SA, De Seguros Y Reaseguros (90.1369%) and one individual (9.8631%). The authorized capital of the company as of January 1, 2015 was 14 million 233.32 thousand manat. --17D-