BAKU, Azerbaijan, May 26. Azerbaijani insurance companies collected 585.5 million manat ($344 million) in premiums from January through April 2025, reflecting an 8.4 percent, or 45.7 million manat ($26.9 million), increase compared to the same period last year.
The data obtained by Trend from the Central Bank (CBA) shows that the company with the most significant increase in premiums was Mega Life Insurance OJSC.
The company collected 5 million manat ($2.9 million) in insurance premiums in the reporting period, showing a remarkable 85.3 percent year-on-year growth.
On the other hand, Mega Insurance OJSC recorded the largest decline in premiums, with a collection of 10.2 million manat ($6 million), marking a 17.2 percent decrease compared to the first four months last year.
The dynamic changes in insurance premiums for the first quarter have led to a ranking of companies, which is detailed below.
|
Company |
from January through April, 2025 |
from January through April, 2024 |
Annual dynamics, (percent) |
|
Mega Life Insurance OJSC |
5 million manat ($2.9 million) |
2.7 million manat ($1.6 million) |
85.3 |
|
Khalg Insurance OJSC |
9.7 million manat ($5.7 million) |
7.5 million manat ($4.4 million) |
28.8 |
|
Qala Life Insurance Company OJSC |
9.5 million manat ($5.6 million) |
7.8 million manat ($4.6 million) |
21.9 |
|
Azerbaijan Industry Insurance OJSC |
11 million manat ($6.47 million) |
9 million manat ($5.3 million) |
21.7 |
|
Ateshgah Insurance Company OJSC |
20.26 million manat ($11.9 million) |
16.9 million manat ($9.9 million) |
20 |
|
Ateshgah Life Insurance Company OJSC |
38 million manat ($22.3 million) |
33 million manat ($19 million) |
15.3 |
|
Qala Insurance Company OJSC |
41 million manat ($24 million) |
36 million manat ($21 million) |
13.6 |
|
Agrar Insurance OJSC |
9.4 million manat ($5.5 million) |
8.38 million manat ($4.9 million) |
12.2 |
|
PASHA Life Insurance OJSC |
281.9 million manat ($165.8 million) |
256 million manat ($150 million) |
10.1 |
|
PASHA Insurance OJSC |
135.4 million manat ($79.6 million) |
133.6 million manat ($78.6 million) |
1.4 |
|
Khalg Life Insurance OJSC |
3.28 million manat ($1.93 million) |
3.32 million manat ($1.95 million) |
-1.1 |
|
AtaInsurance OJSC |
3.3 million manat ($1.95 million) |
3.36 million manat ($1.98 million) |
-1.6 |
|
AzInsurance OJSC |
3.4 million manat ($2 million) |
3.7 million manat ($2 million) |
-8 |
|
Silk Way Insurance OJSC |
1 million manat ($590,000) |
1.19 million manat ($700,000) |
-10.7 |
|
A-Group Insurance Company OJSC |
5.5 million manat ($3.2 million) |
6.4 million manat ($2.8 million) |
-13.4 |
|
Mega Insurance OJSC |
10.2 million manat ($6 million) |
12.27 million manat ($7.2 million) |
-17.2 |
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.
