JSC Khalg Sigorta last year worked with a net profit of 6 million 837.25 thousand manats (3.1 times higher than the results of 2014), the report said the financial structure, published in the official press.
The profitable part of the company stood at 22 million 358.16 ths. manats. Of these, net premiums were 10 million 179.41 thousand manats, investment income - 2 million 27.3 thousand manats, other income - 15 million AZN 44.12 thsd. The insurance reserves decreased 5 million 730 thousand manats.
The costs were at the level of 13 mln. 779.22 thousand manats. Of these insurance benefits were 5 million 187.8 thousand mantas, to conduct insurance business - 4 million 68.68 thousand manats, reinsurance risks - 3 million 697.44 thousand manats, etc.
Also grew the structure of assets - up to 52 million 11,9 thousand manats (+ 27.4%), equity capital - to 39 million 425.14 thousand manats (+ 21%), liabilities - to 12 million 586. 77 th. manats (+ 52.8%).
The deposit accounts of the company as of 1 January stored 42 million 556.67 ths. manats (+ 31.2%).
JSC Khalg Sigorta with a capital of 32 mln. 516 ths. manats acts on the local insurance market since April 2006. Chairman of the Board of Directors is Royam Huseynzade, chairman of the board is Raman Gurbanov. --17D-
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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