Costs of doing business by Baki Sigorta for the year increased by 3.1 times

Total revenues of the Baki Sigorta insurance company in the last year rose by more than 3.4 million manats and totaled AZN 9,972,730 ( December 31, 2012 - 6.57 million). Of funds received 6.13 million manat fell directly on the collection of premiums for all types of insurance.

On the audit results, the net profit of the financial structure in the past year amounted to 386,680 manat, which was 235,000 less than the result of the previous cycle. The reason is the increase in the costs of doing business by 3.1 times - if in 2012 they accounted for 1.76 million, last year they made up 5.44 million manat. Insurance payments also increased, making 3.79 million vs. 2.62 million manat a year earlier. Total expenditure for 2013 amounted to 9.59 million manat.

Last year, the company's assets decreased 8 % to 14,162,140 manats, and the equity rose by 3.8 % to 8.24 million manat. During the reporting period, the volume of deposits placed in banks significantly (+29%) increased to 8.29 million manat.

The insurance company started operating at the beginning of February 1994. In 2004 it was granted a license for a period of 5 years. In 2009 the company received a license to a perpetual activity.

The major shareholder (51%) and the founder of Baki Sigorta is Bank Respublika. In addition, there are three different legal entities (30%) and two individuals (19%).

The company’s authorized capital is 6,523,840 AZN. It provides 24 voluntary and 4 obligatory kinds of insurance. --17D—