New Report on Losses from Buta Sigorta

The insurance company Buta Sigorta concludes every year with a net loss. Last year, they were lower than in 2013 (894.25 thousand against 1 million 158.92 thousand, with a difference of 22.8%). Nevertheless the fact still exists.

According to the financial statements in the auditor's report, the total revenue amounted to 6 million 783.62 thousand manat, including insurance premiums - 5 million 227.92 thousand manat and investment income - 669.97 thousand manat, etc.

The company's expenses amounted to 7 million 677.87 thousand manat. The greatest share was for insurance payments - 3 million 352.02 thousand manat, conducting insurance business was spent 2 million 873.54 thousand manat, the risks ceded to reinsurance were spent 1 million 61.99 thousand manat.

The assets decreased by 7.7% to 10 million 965.89 thousand manat, and the liabilities - by 1.8% to 6 million 487.44 thousand manat. The equity decreased by 12.9% to 4 million 697.13 thousand manats. The deposits placed with banks decreased (-6%) to 7.1 million manat.

JSC Buta Sigorta with registered capital of 7.3 million AZN has operated in the local insurance market since 1996 and is part of the group of companies NAB. --17D-