Azerbaijan, Baku, Aug.16 / Trend, A. Akhundov /
The Azerbaijani International Insurance Company plans to collect premiums worth 10-12 million manat in 2011, the company's Board Chairman Sadykh Mammadov told Trend.
According to the State Insurance Supervision Service of the Azerbaijani Finance Ministry, the company's premiums amounted to 10.18 million manat in 2010 and 6.16 million manat in the first half of 2011.
"We have collected 7 million manat in seven months and plan to bring this figure up to 10-12 million manat", Mammadov said.
He said that this year the company hopes that income will be directed at increasing the authorized capital.
"We appealed to the founders with a proposal to increase the authorized capital, though a decision about this has not yet been made", Mammadov said.
The International Insurance Company established by the International Bank of Azerbaijan is one of the largest insurance companies in Azerbaijan due to its authorized capital (8.8 million manat). The company was registered on Feb. 5, 2002 and has operated as a licensed insurance company since April 2002. The International Insurance Company provides 37 voluntary and compulsory insurance services.
The official exchange rate is 0.7865 manat to $1 on Aug. 16.