Fourfold Increase in Premiums of Mega Sigorta for First Time Allowed It to Get Substantial Profit

In early 2012, at the disposal of the insurance company Mega Sigorta there were buildings and equipment of 1.96 mln AZN, while by the end of the year this was 2.13 million manat. And it had a pre-tax profit of 623.87 thousand manat. The net income amounted to 499.1 thousand manat, which is a record.

According to the company's financial statements, the auditor's report confirmed that, last year, the total income of the company amounted to 3 million 255.74 thousand manat. Insurance premiums were at AZN 4 million 335.69 thsd (4-fold excess against a year ago), ceded reinsurance was AZN 36.22 thousand, and investment income was 732.71 thousand manat.

The company's expenses for the last year amounted to 2 million 631.86 thousand manat. The volume of insurance payments was AZN 618.62 thousand, return on premiums - AZN 28.2 thousand, and to conduct insurance business - 1.6 million manat.

Last year the company's assets increased 63.7% to 13.96 million manat and the liabilities increased 2.3 times up to 3.45 million manat. The shareholders' equity reached 10.51 million manat, which was also disproportionate compared to the sum of 7.04 million manat a year before.

To 6 million 340 thousand manat grew the volume of deposits placed in banks (more than 2.6 times).

Mega Sigorta has been operating in the insurance market since October 2010.

Its shareholders are six individuals.

The company is licensed to provide services for 29 types of insurance, including 4 compulsory.

The authorized capital is 7 million manat. - 17D -