The net profit of International Insurance Company (IIC) in the past year amounted to 458.55 thousand manat, which does not correspond to the level of its activity, while in 2013 this figure was disastrous - 15.42 thousand manat.
According to the financial statements confirmed by the auditor's report, last year's total revenues of this structure amounted to 17 million 293.35 thousand manat, most of which fell on insurance premiums (16 million 832.96 thousand manat).
The expenses were at the level of 16 million 681 thousand 577.91 manat, including ceded reinsurance risks - 5 million 992.04 thousand manat, insurance payments - 5 million 129.2 thousand manat, conducting insurance business - 4 million 921.71 thousand manat, return on premiums - 329.38 thousand manat. There were other expenses.
By the end of 2014 the pre-tax profit amounted to 611.77 thousand manat, income taxes - 153.22 thousand manat, assets increased by 61.2% to 35 million 907.75 thousand manat, equity - by 65.8% to 16 million 168.51 thousand manat, and liabilities - by 57.5% to 19 million 739.23 thousand manat.
The volume of deposits of the company placed in banks increased by 2 times to 13 million 864.37 thousand manat.
JSC IIC has been valid from April 1, 2002. The sole shareholder is the International Bank of Azerbaijan. The authorized capital is 14.8 million manat. --17D-
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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