Financial Report by Gunay Sigorta
The authorized capital of the insurance company Gunay Sigorta at the end of last year increased 650 thousand manats, amounting to 4 million 200 thousand 542 manats.
Total revenue for last year amounted to 717.45 thsd manat. Of the funds received 454.91 thsd manat fell directly on the collection of premiums for all types of insurance.
This is the result of last year's audit of the company. Net loss in the financial structure of last year was 2.63 million manat - Turan was reported in the company. Commission from the transfer of funds to reinsurance amounted to 74.85 million manat, and investment income - 69.38 million manat.
The company's expenses in 2012 amounted to 720.08 thsd manat. The volume of insurance payments last year amounted to 140.81 thsd manat, and to conduct insurance business - 159.52 thousand manats. The costs of the risks transferred to reinsurance amounted to 364.18 thsd manat, and there are other non-essential spending items.
Last year, the company's assets increased by 644 thsd to 4 million 795.49 thousand manats, liabilities - to 600.86 thsd manat, and equity - to 4,194.64 thsd manats.
During the reporting period, the volume of deposits placed in banks has grown significantly - up to 4.3 million manat.
This insurance company was founded in 1992 and provides services for 15 types of voluntary and compulsory insurance.
In 2008 it was granted a license for perpetual activity.
In August 2010, the Turkish co-owners of Gunay Anadolu Sigorta sold their shares of the owner to the local majority, resulting in "dropping" the word Anadolu from the name.
The authorized capital of the company is 4.2 million manat. The founders of the company are Gunay Bank (65.4% of shares) and two individuals. - 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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