Who Controls Azerbaijan Insurance Market?

At present, Azerbaijan has 21 insurance companies. One of them, Azersigorta is a state insurance commercial company. As the name implies, it belongs to the state. The shareholders of the remaining 20 companies are 34 natural persons and 27 legal entities.

As it can be seen from the table, in the insurance market among the entities that own equity are 7 commercial banks ( Azerbaycan Senaye Bank, Bank Respublika, Azer-Turk Bank, Turan Bank, Zamin Bank, Gunay Bank, NBC Bank), one non-bank credit institution (Agrarkredit), 5 holdings (Ata Holding, ISR Holding, Pasha Holding, Nurgun Group, AB Standard), the State Oil Company ( SOCAR), the company Azerbaijan Hava Yollari (AZAL), the company AzRe Takrarsigorta, as well as 11 local and foreign companies. Some of them have a stake in the banking sector.

For example, Ata Holding controls 76% of shares of Ata Bank, ISR Holding controls 0.19% of the shares of Nikoil Bank, Anadolu Investment Company – 94.25% of the shares of Azerbaijan Senaye Bank, Pasha Holding - 6% of the shares of Pasha Bank,

Nurgun Group – 6.02% of the shares of NBC Bank, and Euro Standard Company - 33.85% of the shares of Khalg Bank and 37.5% of the shares of Bank Avrasiya.

Among the individuals who are shareholders of insurance companies, there are bank shareholders. For example, the 100% shareholder of Azsigorta, Ismayilov Hikmet Abuzar Oglu is the owner of 31.11% of the shares of Bank of Baku, 71.94% of the shares of Gunay Sigorta, and 38.94% of the shares of Gunay Bank.

15-percent shareholder ofn Mega Sigorta Gurbanov Feyzi Yashar Oglu owns 11.34% of the shares of Rabita Bank.

85-year-percent shareholder of Amrah Sigorta Ildrymzadeh Yunis Ali Oglu owns 53,16% ofm Amrah Bank. 15% shareholder Ildrymzadeh Amrah Yunis Oglu owns 0.33% of Amrah Bank.

Some individuals who are equity holders in the insurance market, act as directors of insurance companies. For example, 100% shareholder of A Group Sigorta Adnayev Sabir Adna Oglu, 15.21% shareholder of Bashak Inam Sigorta Karimov Akif Akbar Oglu, 15% shareholder of Mega Sigorta Gurbanov Yashar Feyzi Oglu, and 85% shareholder of Amrah Sigorta Ildrymzadeh Yunis Ali Oglu are Chairmen of the Boards of Directors of the above companies.

In addition, the owner of 10.14% shares of Bashak Inam Sigorta Hasanov Orkhan Garaoglu is the Chairman of the Board and owner of 15% shares of Amrah Sigorta, and Ildrymzadeh Amrah Yunis Oglu is a member of the Board of Directors.

Another interesting point regards the company Ipek Yolu Sigorta, where Jamila Jahangir Gyzy Askerova and Malahat Jahangir Gyzy Askerova have 38.7% each. Both sisters are the daughters of the head of AZAL Jahangir Askerov, who has a 3.6% stake in the company.

The only company engaged in re-insurance in Azerbaijan is AzRe Takrarsigorta, whose shareholders are six natural persons. However, their names are not disclosed.

Note: The article is based on the financial statements published on the official Internet pages of the insurance companies and commercial banks, as well as the Data Electronic Publication System.—0--