The annual report of JSC Alfa Sigorta is published in the official press. So, at the end of last year its revenues were at the level of AZN 4 056 765.69. Most of the amount is net premiums (2 million 573.7 thousand manats), Investment income - 333.9 thousand manats. There was also other income received by other articles.
The costs exceed the insurer's earnings amounted to 4 million 512 thousand 232.1 manats. On the insurance payments in proven cases it had 1 million 549 thousand manats to conduct insurance business - 1 million 807.6 thousand manats, reinsurance - 570.4 thousand manats, and so on.
Assets of the year fell to 11 million 192.51 thousand manats (minus 14.8%), liabilities - to 3 million 498.76 thousand manats (minus 29.8%), equity capital - to 7 million 693.76 ths. manats (minus 5.6%). Even more (minus 42.3%) reduced the volume of deposits in banks - to 3 million 830 thousand manats.
So, Alfa Sigorta completed the last year with a loss of 455.47 thousand manats (on the basis of 2014 there was a net profit of 106 thousand manats).
JSC Alfa Sigorta with the authorized capital of AZN 7.8 million began its activities in 1997. Its sole shareholder is TekhnikaBank. --17D-
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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