Last year the insurance company Baki Sigorta reduced the assets to 12,208,048 manats (minus 7.6% as of 1 January), and the obligations reduced to 3,412,093 manats (minus 42.5%), the financial statements of the company reported, confirmed by the auditor's report.
The volume of deposits in banks reduced (minus 4%) to 7,046,054 AZN. But the company ended the year with a profit - before tax, it was at the level of 1,090,075 AZN though in 2014 there was fixed a loss of 1,635,042 AZN.
The revenues were at the level of 5,990,087 manats, of which almost half (2.36 million) was insurance premiums, while the investment income was AZN 857,014.
The costs were at the level of 4,900,012 manats with insurance payments of 1,741,091, and the reinsurance risks were 396,670 manats. The expenses mostly regarded the running of insurance business - 2 million 314.83 thousand manats.
The shareholders' equity amounted to 8 million 795.55 thousand manats (+ 21% per year), and the share capital - 8 million 925.43 thousand manats (+ 6.6%).
The insurance company Baki Sigorta began its activities on October 1, 2007. Its shareholders are 4 legal entities and 2 individuals. --17D-
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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