Published Report from Azergarant

The insurance company Azergarant had 576.18 thousand manat of net profit last year, an increase of 14.1% compared to the financial performance in 2013 (504.87 thousand manat).

According to the company's financial statements confirmed by the auditor's report, last year's total revenues were at the level of 1 million 236.82 thousand manat. In the first place there were net premiums - 267.94 thousand manat, premiums received for reinsurance made up 236.86 thousand manat, and income from investments made up 220.85 thousand manat.

Expenses of Azergarant in 2014 amounted to 516.6 thousand manat, including insurance payments in the amount of 47.73 thousand manat and the costs of doing business - 457.713 thousand manat, etc.

Pretax profit for 2014 amounted to 720.23 thousand manat. Income tax expense amounted to 144.05 thousand manat.

The assets of Azergarant in 2014 decreased by 4.5% to 6 million 754.14 thousand manat and the liabilities decreased 2.88 times to 251.514 thousand manat, while the capital increased by 2.4% to 6 million 502.62 thousand manat.

The deposits amounted to 3 million 265 thousand manat (minus 1.2%).

JSC Azergarant has worked in the insurance market since 1998. Its shareholders are several individuals. The authorized capital is 5 million 610 thousand manat.   --17D-