Intermediate insurance market "lost" for a year 1.5 million manat in net profit

The company Azerbaycan Senaye Sigorta paid its customers last year for insurance claims 1 million 730.05 thousand manats. Insurance premiums amounted to 7 million 314.57 thousand manats.

According to the financial statements confirmed by the auditor's report, the company's revenues last year amounted to 7 million 346.98 thousand manats, of which besides the aforementioned insurance premiums 491.08 thousand manat fell to a commission from the transfer of funds for reinsurance, and investment income was 973.74 thousand manats. The decrease in revenue resulting from decline in net insurance reserves was 2 million 149.15 thousand manats.

Expenses for the year 2012 amounted to 6 million 928.23 thousand manats, of which except for insurance payments (1.86 mln), 124.54 thousand manat fell to a return of premium, 806.6 thousand manats - to engage in the insurance business, and 3 million 941.85 thousand manats - to risks transferred to reinsurance. Other costs were negligible.

If by the end of December 2011, the company had a net profit of 1 million 830.71 thousand manats, for the last year the company earned "only" 425.79 thousand manats.

35.9% increase in the company's assets, including long-term, was up to 15 million 919.21 thousand manats, and the equity capital also increased to 8 million 616.74 thousand manats (17.4%).

The volume of deposits of the company, located in the local and foreign banks, amounted to 7 million 120 thousand manats (-9.5%).

The company Azerbaycan Senaye Sigorta was registered in the Ministry of Finance December 17, 1996. It operates in the insurance market since 1997, carrying out work on 28 types of voluntary and 5 types of compulsory insurance. On March 12, 2007 it was renamed to Azerbaycan Senaye Sigorta.

The authorized capital of the company in the third quarter of last year increased by 2.16 million manat and totaled 8.16 million manat in anticipation of the next enlargement. - 17D-