Net profit of the insurance company Alfa Sigorta for last year was minimal – 25,280 manats on revenue of 6.54 million manat.
According to the financial statements, the auditor's report confirmed that, in this period, the insurance premiums totaled 4.48 million. Manat income from reinsurance was 1.18 million manat and investment income was 450,220 manat. Other income for the year was obtained on other items.
The company's expenses last year totaled AZN 6,511,950. The volume of insurance payments was 1,320 manat, the costs of doing insurance business were 2,834,280 manat, other expenses amounted to more articles.
In 2013, the assets increased by 11.6 % to 13.23 million manat, the liabilities - by 29.5 % up to AZN 5,187,790, and the equity amounted to 8.04 million manat, virtually unchanged from the previous year.
The share capital has not changed. The volume of deposits placed with banks increased by 16.2% - to 6.05 million manat.
Alfa Sigorta insurance company has been in the local insurance market since 1997 and provides services for 25 types of insurance.
In February 2008, it was issued a perpetual license. Until 2005, the insurance company operated under the name Murad LLC.
The sole founder and major shareholder is Bank Technique.
According to the financial report for the past year, its share capital amounted to 7.78 million manat. - 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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