Net Income of Standard Insurance Decreased Significantly

More than by half (minus 55.2%) reduced last year's net profit of the insurance company Standard Insurance. At the end of 2013 it stood at 1 million 43.48 thousand manat, but last year this figure amounted to 467.62 thousand manat.

According to the financial statements confirmed by the audit, the total income of the financial structure in the past year amounted to 25 million 375.31 thousand manat. The largest share was of purely insurance premiums - 16 million 705.25 thousand manat, reinsurance received 1 million 44.37 thousand manat, and income from investments - 502.05 thousand manat, etc.

The company's expenses amounted to 24 million 907.69 thousand manat. Here in the first place were reinsurance risks - 9 million 666.64 thousand manat and expenses for insurance activities - 7 million 383.2 thousand manat. In the third place there were net insurance payments - 7 million 99.9 thousand manat, and return for premiums - 649.2 thousand manat.

Assets of insurance companies increased by 9.5% to 26 million 425.44 thousand manat, liabilities - by 16.4% - to 13 million 886.7 thousand manat, capital - 2.7% - to 12 million 538.74 thousand manat.

But the amount of deposits placed with banks decreased (minus 11.3%) - to 3 million 922 thousand manat.

JSC Standard Insurance has acted on the local insurance market since October 2002. The shareholder of the company is a single legal entity. The authorized capital of the company is 11 million manat. --17D-

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