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 -
Economics
-
Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
-
According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
-
The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
-
"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
Leave a review