The net profit of the insurance company AzSigorta for the past year amounted to 15,933,520 (+ 3.75 million compared with the year 2012) and the comprehensive income was 45,143,460 manats.
According to the published financial statements, most of the proceeds of this financial structure fell on insurance premiums (AZN 42,029,300) and investment income (AZN 2,045,210).
The company's expenses in 2013 amounted to AZN 25,226,560, of which it is worth noting insurance payments (9,472,660), the cost of doing insurance business (10,550,350 ) and the cost of reinsurance (4,697,260 manat).
Assets of the company for the year rose 15 % to AZN 63.05 million, increase in liabilities was 20.6 % - to 26.46 million, and equity increased 11.3 % to 36.59 million manat.
The volume of the company’s deposits placed with banks increased by 26.7 % to 27.93 million manat, and the portfolio investments in government securities rose by 75.1 % to 18,874,670 manats.
AzSigorta Insurance Company received a license to operate in November 2006.
AzSigorta’s shareholder is one individual.
The company is licensed to provide services for 28 types of insurance, of which 24 are voluntary types and 4 are compulsory. Last year, it became the second among the leading local insurers.
It has 6 branches in the country. - 17D-
Economics
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Russia and Iran have agreed on a gas pipeline route passing through Azerbaijan, according to Russia’s Energy Minister Sergey Tsivilyov. The Russian minister stated that the parties are in the final stage of negotiations, and the volumes have already been determined. According to Tsivilyov, Iran’s agreement with Russia’s Gazprom for gas supply via Azerbaijan is currently estimated at over 2 billion cubic meters annually. However, future supplies could increase to 55 billion cubic meters per year.
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On January 20 during the World Economic Forum's Annual Meeting in Davos, President Ilham Aliyev of Azerbaijan engaged in a strategic dialogue with Nick Studer, CEO of Oliver Wyman Group.
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During the World Economic Forum's Annual Meeting in Davos, President Ilham Aliyev of Azerbaijan met with Jared Cohen, President of Global Affairs at The Goldman Sachs Group, Inc. The meeting underscored the ongoing collaboration between Goldman Sachs and Azerbaijan's financial institutions, notably the Central Bank of Azerbaijan and the State Oil Fund.
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At the World Economic Forum in Davos, Azerbaijan's Minister of Economy, Mikayil Jabbarov, participated in the session titled "Leaders’ Circle: Financing the Energy Transition – A New Horizon." Jabbarov emphasized discussions on existing opportunities and major challenges in achieving successful energy transformation, underscoring the critical importance of financing the energy transition.
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