State Insurer Spends 50 Million Manats

According to tradition, the state-owned commercial insurance company Azersigorta spends more on matured payments on cases and reinsurance risks. So, by the end of last year it spent on these positions respectively, 13,170,000 and 26,980,000 manats. Total expenditure amounted to 48 million 700.85 thousand manats, which can also be added as a main article the cost of doing insurance business in the amount of 7.11 million AZN.

Among the total income (52.08 million manat) insurance premiums were 41 million 92.21 manats, commission from the transfer of assets for reinsurance amounted to 7.21 million manats, and investment income - 165.47 thousand manats.

The past year brought the company a net profit of 3.38 million manats (+ 22.9% YoY).

By January 1, its assets amounted to 36 million 255.15 thousand manats (+ 21.7%), the liabilities (+ 31.9%) were 24.88 million AZN and the shareholders' equity (+ 4%) was 11.38 million AZN.

JSC Azersigorta at the Ministry of Finance of Azerbaijan with an authorized capital of 8 million AZN has been acting since 1991. Due to compulsory insurance of servicemen and officials at all levels, it is one of the leading insurance companies of Azerbaijan. --17D-