Non-compliance with Status

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-