Income of Standard Insurance for six months in 2016 (a subsidiary of JSC AB Standard) amounted to 16.7 million AZN. With operating costs of about 13 million AZN, the insurance company suffered a loss in the amount of 1 million 984 thousand AZN.
According to the published mid-year report, the company paid insurance premiums of 4.2 million AZN. The cost of reinsurance amounted to 8 million 252 thousand AZN. For the six months administrative and other costs of Standard Insurance exceeded 6.5 million AZN.
With authorized capital of 11 million AZN, assets of the insurance company reached 25 million AZN.
JSC Standard Insurance has operated since 2002 and has a subsidiary in Georgia. ---08D
Economics
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Azerbaijan’s Cabinet of Ministers approved a detailed framework for the preparation of sector-specific strategic plans aimed at guiding the country’s economic development over the medium term.
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Azerbaijan’s ADY Express, a subsidiary of Azerbaijan Railways CJSC, signed several strategic agreements on the sidelines of the Logitrans Türkiye 2024 exhibition in Istanbul, Turkey, reinforcing its commitment to expanding freight transport services along the Middle Corridor.
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Azerbaijan plans to establish state-of-the-art battery storage facilities for green energy with a total capacity of 350 MW within the next 4-5 years, a well-informed source in the Ministry of Energy told Turan.
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Shareholders of the Caspian gas condensate "Absheron" project plan to approve the Front End Engineering Design (FEED) in December, laying the groundwork for full-scale development of the field, an informed source told Turan.
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