Expenses of Alfa Sigorta almost exceeded revenues in 2013

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-

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