Income of Standard Insurance Significantly Exceeded 30 Million AZN Last Year

Revenues of Standard Insurance in the past year amounted to 30 million 739.78 thousand manats, which is confirmed by an audit of its financial performance last year. The majority of income (19.62 million) fell on insurance premiums, income from investments was 462.96 thousand manats, and there were other less significant items of income.

Almost so were expenses (30 million 33.23 thousand manats). Most of the expenditure was assigned to the risks transferred to reinsurance (11 million 39.91 thousand), expenses for insurance operations (9.78 million) and direct insurance premiums (7 million 826.67 thousand). Return of premiums amounted to 662.92 thousand manats.

By January 1, the company's assets amounted to 25 million 938.97 thousand manats (minus 1.9% for the year), and the liabilities - 12 million 852.41 thousand manats (minus 7.5%).

But the deposits grew by 30.2% - to 5 million 108.03 thousand manats.

The year was completed with a net profit of 639.78 thousand manats (+ 36.8% YoY).

JSC Standard Insurance with an authorized capital of 11 million AZN and an ownership capital of 13.09 million AZN has been operating in the insurance market of Azerbaijan since October 2002. It belongs to one entity - JSC AB Standard. --17D-