Profit of Ipek Yolu Sigorta Rises by Half

The net profit of the insurance company Ipek Yolu Sigorta last year was 4 million 52.85 thousand manat, which is 53.3% more than in 2013.

According to the financial statements confirmed by the auditor's report, total revenues were at the level of 22 million 323.52 thousand manat. The largest share was of net premiums (18 million 836.4 thousand manat), premiums received for reinsurance - 192.592 thousand manat, investment income - 781.688 thousand manat, etc.

Last year's expenses amounted to 17 million 257.46 thousand manat. Risks ceded for reinsurance were 13 million 929.67 thousand manat, conducting insurance business was spent 2 million 138.99 thousand manat, the volume of insurance payments was much smaller - 335.42 thousand manat, and return of premiums was 181.95 thousand manat.

The assets in this structure increased by 30.6% to 28 million 843.09 thousand manat, the liabilities - by 36.8% to 9 million 964.64 thousand manat, and the capital - by 27.4% to 18 million 878.45 thousand manat, including the authorized capital - increased by 22.1% to 14 million 77 thousand manat.

The volume of deposits of the company placed in banks decreased by 5.7% to 5.2 million manat.

JSC Ipek Yolu Sigorta has been operating in the insurance market of Azerbaijan since 1996. The shareholders of the company are Azerbaijan Airlines Silk Avia, CJSC Azerbaijan Airlines (AZAL) and an individual. --17D-