The insurance company Silk Way Insurance in 2016 in comparison with 2015 increased total revenue by 3 million 081.757 thousand manats or 15.1% to 23 million 484.072 thousand manats.
During the specified time the company's operating income increased by 5%, or 1 million 025.055 thousand manat, amounting to 21 million 554.214 thousand manat. Including insurance fees that rose by 946,056 manat or 5.2%, reaching 19 million 034.091 thousand manat.
During the reporting period the total expenditure grew to 19 million 183.550 thousand manat, rising by AZN 812,142 or 4.4%.
Operating expenses of the insurance company amounted to 18 million 119.930 thousand manat, rising by 456,082 manat or 2.6%. Insurance payments in 2016 amounted to 2 million 650.847 thousand manat - growth by AZN 29,800 or 1.1%.
Assets of Silk Way Insurance in 2016 grew by 7 million 316.328 thousand manat or 23.4% compared to 2015, reaching 38 million 524.875 thousand manat.
During this period, the company's liabilities increased by 63.8%, or 5 million 358.430 thousand manat, reaching 13 million 759.022 thousand manat.
The capital of Silk Way Insurance in 2016 amounted to 24 million 765.853 thousand manat. Compared with 2015, the equity increased by 8.6%, or 1 million 957.898 thousand manat.
In 2016, Silk Way Insurance showed a profit of 3 million 440.417 thousand manat.
The authorized capital of the insurance company is 14 million 770 thousand manat. -- 71D
Economics
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According to the State Customs Committee, in the first eleven months of this year, Azerbaijan transported 6.96 million tons of cargo by rail, worth $3.01 billion. This represents a 4% decrease in volume and a 10.1% decline in value compared to the same period in 2023.
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The Cabinet of Ministers of Azerbaijan has approved a set of regulations to govern the approval of agreements under the country’s competition law, aimed at fostering compliance with legal frameworks and enhancing market transparency.
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Azerbaijan's ambitious program to restore territories liberated from Armenian occupation has attracted attention due to the extensive use of single-source procurement methods, raising concerns about transparency and corruption.
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Azerbaijan recorded a 2% increase in wheat imports from January to November 2024 compared to the same period in 2023, underscoring its continued reliance on external sources to meet domestic demand. This growth comes amid a significant decline in domestic wheat production, which decreased by 148,100 tons in 2024, further intensifying the need for imported supplies.
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