Net Profit of Qala Hayat

The net profit of the specialized life insurance company Qala Hayat last year was 2 million 551.81 thousand manat (+ 27.5% to the end of 2013). This is no accident - in the country there are three such entities and each has a ratio of payments to premiums no more than 5%.

According to the financial statements confirmed by the auditor's report, the total revenue of Qala Hayat was at the level of 11 million 130.64 thousand manat. The net premiums amounted to 25 million 188.29 thousand manat and the investment income was 1 million 903.67 thousand manat. The financial development was braked by the negative net insurance reserves of the company (16 million 34.88 thousand manat), which led to decrease in the revenues.

Last year the company's expenses were at the level of 7 million 918.75 thousand manat. To conduct insurance business they spent 4 million 207.3 thousand manat and the insurance payments amounted to 1 million 654.37 thousand manat, etc.

The total assets increased by 2.1 times - up to 36 million 505.27 thousand manat, the liabilities - by 2.7 times to 26 million 393.33 thousand manat, the capital - by 32% to 10 million 111.93 thousand manat. During the year, the company increased its registered capital by 50.8% to 7 million 546 thousand manat.

The volume of bank deposits also increased by 57.9% to 20 million 283.97 thousand manat.

JSC Qala Hayat received a license for insurance activity in July 2008. Its shareholders are one individual, Nizami Mahmudov, and the reinsurance company AzReTekrarsigorta. --17D-