IIC Distinguished in Payments for Insurance Claims

International Insurance Company (IIC) paid customers last year for insurance claims 6 million 432.1 thousand manats, which is more than a million more than in 2011. Insurance premiums amounted to 13 million 908.67 thousand manats.

According to the financial statements, the auditor's report confirmed, the total income of the company by the end of last year amounted to 17 million 182.2 thousand manats (2 million), of which, besides the aforementioned insurance premiums, AZN 620.36 thsd occurred in investment income.

Expenses for the year 2012 amounted to 16 million 442.18 thousand manats, which except for insurance payments 209.52 thousand manat fell to a return of premium, AZN 5 mln 31.63 thsd - to conduct insurance business, and 4 million 686.86 thousand manats - the risks transferred to reinsurance. Other costs are negligible.

If at the end of March last year, the company had a net loss, a year later, the company can make a strong statement, because it ended with a profit of 574.69 thousand manats.

By 1.9 million manat rose assets, including long-term ones, and reached 22 million 200.35 thousand mantas. To 8 million 873.99 thousand manats (5.4%) increased the amount of equity capital.

The volume of deposits of the company, located in the local and foreign banks amounted to 7.5 mln (+ 6.1%).

IIC has provided insurance services from April 2002.

The only shareholder is the International Bank of Azerbaijan.

The authorized capital is 8.8 million manat.

The company has offices in Baku and three branches - in Ganja, Sumgait, and Sheki. - 17D -