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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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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