Azerbaijan, Baku, Aug.17 / Trend, A. Akhundov /
The Azerbaijani insurance company Azerbaycan Senaye Sıgorta plans to increase its authorized capital by 1.2 million manat in 2011 at the expense of profits earned the previous year, Deputy Board Chairman Intigam Seyfulla told Trend on Wednesday.
Azerbaycan Senaye Sıgorta authorized capital s 4.8 million manat. The company's net income in 2010 totaled 1.287 million manat.
"This year we hope for incomes worth 2-3 million manat, which can also be directed to the authorized capital increase," Seyfulla said.
He said the company gained income worth 1.17 million manat.
Azerbaycan Senaye Sıgorta was established by Azerbaycan Senaye Bankı in December 1996 and is a member of the Azersun Holding. Anadolu investments is also a shareholder.
The company is affiliated with the Turkish company Anadolu Cam Investments, which specializes in the production of canned products. Anadolu investments owns 97 percent of Azerbaycan Senaye Banki.
The company provides insurance services on five compulsory and 28 voluntary types. Its authorized capital is 4.8 million manat.
The official exchange rate is 0.7865 manat to $1 on Aug.17.