BAKU, Azerbaijan, April 25. Azerbaijani insurance companies collected over 399.1 million manat ($234.7 million) in premiums from January through March 2025, reflecting a seven percent increase, or 26 million manat ($15.2 million), compared to the same period last year.
Data obtained by Trend from the Central Bank of Azerbaijan (CBA) indicates that the company with the most significant increase in premiums was Mega Life Insurance OJSC.
The company collected 3.7 million manat ($2.1 million) in insurance premiums over three months, showing a remarkable 90.2 percent year-on-year growth.
On the other hand, AzInsurance OJSC recorded the largest decline in premiums, with a collection of 1.9 million manat ($1.1 million), marking a 36.3 percent decrease compared to last year.
The dynamic changes in insurance premiums for the first quarter have led to a ranking of companies, which is detailed below.
|
Company |
January-March, 2025 (in manat) |
January-March, 2024 (in manat) |
Annual dynamics, % |
|
Mega Life Insurance OJSC |
3.7 million manat ($2.1 million) |
1.9 million manat ($1.1 million) |
90,2 |
|
Khalg Insurance OJSC |
7.6 million manat ($4.4 million) |
5.7 million manat ($3.3 million) |
33,7 |
|
Azerbaijan Industry Insurance OJSC |
8.6 million manat ($5 million) |
6.7 million manat ($3.9 million) |
28,7 |
|
Qala Life Insurance Company OJSC |
6.5 million manat ($3.8 million) |
5.1 million manat ($2.9 million) |
26 |
|
Ateshgah Life Insurance Company OJSC |
27.6 million manat ($16.2 million) |
22.6 million manat ($13.2 million) |
22 |
|
Ateshgah Insurance Company OJSC |
14.8 million manat ($8.7 million) |
12.2 million manat ($7.1 million) |
21,2 |
|
Agrar Insurance OJSC |
8.8 million manat ($5.1 million) |
7.3 million manat ($4.2 million) |
20 |
|
PASHA Life Insurance OJSC |
161.8 million manat ($95.1 million) |
143.5 million manat ($84.4 million) |
12,7 |
|
Khalg Life Insurance OJSC |
2.5 million manat ($1.4 million) |
2.5 million manat ($1.4 million) |
0,4 |
|
PASHA Insurance OJSC |
114.8 million manat ($67.5 million) |
115.9 million manat ($68.1 million) |
-1 |
|
AtaInsurance OJSC |
2.4 million manat ($1.4 million) |
2.5 million manat ($1.4 million) |
-4,1 |
|
Silk Way Insurance OJSC |
482 million manat ($283.5 million) |
529 million manat ($311.1 million) |
-8,9 |
|
Qala Insurance Company OJSC |
25.1 million manat ($14.7 million) |
27.7 million manat ($16.2 million) |
-9,4 |
|
A-Group Insurance Company OJSC |
4.3 million manat ($2.5 million) |
4.9 million manat ($2.8 million) |
-12,1 |
|
Mega Insurance OJSC |
7.5 million manat ($4.4 million) |
9.5 million manat ($5.5 million) |
-21,1 |
|
AzInsurance OJSC |
1.9 million manat ($1.1 million) |
3,000 manat ($1,764) |
-36,3 |
The Central Bank of the Republic of Azerbaijan executes its mandate for state regulation and oversight within the insurance sector, as delineated in Article 95 of the Law of the Republic of Azerbaijan “On Insurance Activities.” At present, 16 insurance entities are functioning within the jurisdiction of Azerbaijan.