Baku, Azerbaijan, July 18
By Zulfiyya Gurbanova - Trend:
Azerbaijani "Pasha Heyat Sigorta" insurance company plans to diversify its investment portfolio and considers making investment in real estate.
The company's Director of Strategic Development and Planning Israil Garayev made the remarks at a press-conference dedicated to the results of the company's activity in the first half of the year.
There are not enough stable tools [in terms of profitability] in the financial market of Azerbaijan for the company to invest funds, he said.
"Until this year, "Pasha Heyat Sigorta" used bank reserves as the main tool for investment, but from this year on we have started to invest in debentures. Government bonds have low yields, therefore, "Pasha Heyat Sigorta" primarily invests in corporate bonds. Along with this, we are considering the possibility of purchasing real estate," Garayev said, noting that more preference needs to be given to stable investments, rather than profitable ones.
The company`s representative also noted that "Pasha Heyat Sigorta" fees will reach 40 million AZN by the end of the year (with current level of 21.91 million AZN), assets will reach 80 million AZN (currently 50 million AZN), revenue - at least 8 million AZN, and the investment portfolio - 60 million AZN (currently 50 million AZN).
"Pasha Heyat Sigorta" is the most capitalized company among life-companies in the country (Ateshgah Heyat and Gala Heyat). It entered the market in February 2011 with the capital of seven million AZN. Early this year, the authorized capital of the company was increased by 60 percent - up to 40.250 million AZN.The sole shareholder and the holder of the new company's shares is Pasha Holding.
The official exchange rate on July 18 is 0.7843 AZN/USD.
Edited by S.I.
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