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 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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