Pasha Hayat Sigorta Completed Year with Profit

In the local insurance market the most profit comes from life insurance. This is confirmed by the fact that the specialized life insurance company Pasha Hayat Sigorta last year had 4 million 284.48 thousand manat of net profit. This is a solid increase to the capital. However, there is a rollback (minus 46.9%) of the positions - in 2013 the figure was 8 million 70.9 thousand manat.

According to the financial statements confirmed by the auditor's report, the total income of the financial structure were at the level of 18 million 912.54 thousand manat. The insurance premiums were 41 million 901.12 thousand manat and the investment income was 5 million 299.66 thousand manat. The outcome was also influenced by the negative net insurance reserves (28 million 665.54 thousand manat), which led to decrease in the revenues.

The company's expenses for last year amounted to 13 million 480.1 thousand manat, including the conduct of insurance business - 9 million 310.15 thousand manat, insurance payments - 2 million 867.13 thousand manat, etc.

The company's assets grew by 77.5% to 91 million 832.43 thousand manat, liabilities - 2.57 times to 47 million 125.25 thousand manat, and equity - 33.7% to 44 million 707.18 thousand manat.

The authorized capital of the financial structure increased by 59.7% to 40.25 million manat. The volume of deposits in banks also increased - by 72.8% to 40 million 401.84 thousand manat.

JSC Pasha Hayat Sigorta was established in 2010 and the license for insurance activity was received on February 14, 2011. The sole shareholder of the company is Pasha Holding. --17D-