Baku, Azerbaijan, Apr. 10
By Yusif Aghayev - Trend:
Azerbaijan Industrial Insurance Company completed 2019 with profit, Trend reports referring to the company's report.
The company’s total revenues amounted to 6.8 million manat ($4 million) while total expenses - 5.9 million manat ($3.5 million) in 2019.
During the reporting period, the company's operating income amounted to 5.8 million manat ($3.4 million), most of which - 5.6 million manat ($3.3 million) accounted for the direct insurance premiums.
Moreover, the company earned 216,773 manat ($127,513) as a result of the changes in insurance reserves, 616,650 manat ($362,735) as investment income, 28,346 manat ($16,674) as income from subrogation and 179,518 manat ($105,598) - other income in 2019.
The company’s main operating expenses amounted to over four million manat ($2.3 million), most of which - 2.2 million manat ($1.3 million) - insurance payments and 1.7 million manat ($1 million) - reinsurance premiums.
The company's expenses on doing business amounted to 1.8 million manat (over $1 million) in 2019.
Thus, the company completed 2019 with an operating profit of 976,241 manat ($574,259). After paying income tax in the amount of 195,248 manat ($114,851), the company's net profit amounted to 780,993 manat ($459,407).
The company’s assets amounted to 18.4 million manat ($10.8 million), liabilities - 6.2 million manat ($3.6 million) in late 2019. The company’s total capital, increasing by 6.8 percent, amounted to 12.3 million manat ($7.2 million).
Azerbaijani Industrial Insurance company was established in December 1996. The company operated as CI-Insurance until 2008 when it was re-registered as an open joint stock company.
Presently, the authorized capital of the company reaches four million manat ($2.3 million). The company operates as a full-scale insurance company engaged in the non-life insurance segment. The company is licensed to carry out four compulsory and 29 voluntary types of insurance.
Today, 22 insurance companies and one reinsurance companies operate in Azerbaijan.
(1 USD = 1.7 AZN on April 10)
