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-
Economics
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Azerbaijan has introduced new rules to simplify the leasing of agricultural land on liberated territories, aiming to attract investments and enhance agricultural productivity, according to a presidential decree issued on November 27, 2024.
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The Asian Development Bank (ADB) allocated $10.5 million to support the retail sector in Azerbaijan, marking another step in its ongoing support for the country’s economic modernization. These investments align with Azerbaijan's broader ambitions to diversify its economy and strengthen small and medium-sized enterprises (SMEs), which are key pillars of sustainable growth.
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At today’s session of the Milli Majlis, Azerbaijan’s parliamentarians discussed and approved in the first reading a draft law increasing the minimum subsistence level for 2025. The updated figures reflect a modest rise of 10 manats, setting the nationwide living wage at 285 manats. For specific demographics, the levels are 305 manats for the working population, 232 manats for pensioners, and 246 manats for children. The same session also approved the criterion of need at 285 manats for the coming year, aligning it with the national living wage.
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This year, the plans of the Australian holding Fortescue Future Industries (FFI) for developing "green" projects in Azerbaijan have been adjusted, though negotiations initiated two years ago are ongoing, an informed source told Turan.
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