Expenses of Standard Insurance Grow

The costs of the insurance company Standard Insurance on the mere carrying out professional activities amounted to 7 million 820.43 thousand manats (over a third of all expenses), which is a record achievement and 3 million more than last year's result. Aggregate costs were the same at 18.55 million manat.

Turan was told in the company this is due to the expanding branch network and other representative, which has spread to neighboring countries. In addition to the said expenditure items, the amount of insurance payments amounted to 5 million 358.96 thousand manats (over 2 times last year's total), the return of premium - 505.02 thousand manats, risks transferred to reinsurance - AZN 4 million 679.97 thsd, and other expenses occurred in other species.

According to the financial statements of the company, confirmed the results of the audit and the official conclusion, the income of the insurance company Standard Insurance in the past year amounted to 17.15 million manat. The volume of direct insurance premiums amounted to 20 million 631.36 thousand manats, premiums for reinsurance - 683.13 thousand manats, investment income - 903.27 thousand manats.

We note that the company's net insurance reserves fell by 5.6 million manat, which led to lower revenues. Net loss for the last year amounted to 1 million 398.28 thousand manats.

In 2012, the assets of Standard Insurance increased to AZN 25 mln 56.1 thsd million (+ 28.4%), the liabilities - 2.1 times - up to 13 million 630.53 thousand manats, but its ownership capital decreased to 11 million 425.56 thousand manats (1.58 million).

In addition, last year the volume of deposits placed in banks fell by 67% - up to 4 million 425 thousand manats.

Standard Insurance is a member of the Group of Companies AB Standard and has two regional offices and an extensive agent network in the capital and regions of the country, as well as a subsidiary in the Republic of Georgia, which is carrying out its activities as an insurance company.

Standard Insurance has been operating in the insurance market since October 2002. In October 2007, the company was transformed into a joint stock company (JSC). It provides services for 24 types of voluntary and 5 types of compulsory insurance.

The authorized capital is 11 million manat.

The shareholder is a single legal entity. - 17D-