No Claims from Ministry of Finance to Buta Sigorta

The insurance company Buta Sigorta (Thames Insurance Group) for the year raised its charter capital to 6.5 million manat, which prevented the claim from the Finance Ministry.

Increased the level of capitalization - its total capital commitments made 9.07 million manat, which is one and a half times more than last year. Net loss amounted to 364.48 thousand manat.

According to the financial statements, the auditor's report confirmed that, last year, the total income on basic financial operations of the company amounted to 2 million 943.86 thousand manat. Most of them fell on insurance premiums - 2 million 727.71 thousand manat. Premiums received from reinsurance operations amounted to AZN 77.49 thsd, and the investment income was 279.58 thousand manat.

Total expenditure of the company for the year 2012 amounted to 1 million 986.02 thousand manat. The volume of insurance payments amounted to 339.73 thousand manat, to conduct insurance business - AZN 1 million 188.41 thsd, and the costs of reinsurance were 412.72 thsd manat. Last year, the return on premiums totaled AZN 7.56 thsd. In addition, the cash equivalent for the year increased from 2.9 thousand to 6.93 million manat.

Insurance company Buta Sigorta (Thames Insurance Group) with a paid registered capital of 7.3 million manat has been operating in the insurance market since 1996.

This structure is owned by six shareholders - Qafqaz Leasing, Baku Electronics, Bank of Baku, Baku Service Company and Auto Azerbaijan, each of which owns 19% of the shares, as well as their parent organization NAB Holding with a 5% stake in the share capital.

The company provides services for nominally 17 types of voluntary and three types of compulsory insurance. - 17D-


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