Baku, Azerbaijan, March 28
By Anvar Mammadov - Trend:
AzRe, Azerbaijan’s first reinsurance company, completed 2017 with a net profit of 21.39 million manats, which is 38 percent more than in 2016, the company said in its financial report for 2017.
For comparison, the company completed 2016 with a net profit of 15.5 million manats.
In 2017, the company’s revenues amounted to 54.64 million manats, 50.39 million manats of which accounted for reinsurance fees. The company’s expenses for the reporting period amounted to 28.83 million manats.
Assets of AzRe decreased by 1.4 percent and amounted to 102.17 million manats in 2017. For comparison, in 2016, the company’s assets amounted to 103.58 million manats.
The main part of assets (62.2 percent, or 63.57 million manats) of AzRe last year accounted for short-term assets, while 37.8 percent, or 38.6 million manats, accounted for long-term assets.
In the reporting period, 48.6 percent (30.88 million manats) in the structure of short-term assets of the company accounted for state securities, about 28 percent (17.79 million manats) accounted for cash and cash equivalents and 13.9 percent (8.85 million manats) – for accounts receivable.
According to the report, 59.04 percent (22.79 million manats) of long-term assets of the reinsurance company accounted for non-government securities, while 29.8 percent (11.52 million manats) of the company’s long-term assets accounted for state securities.
The company’s liabilities in the reporting period amounted to 24.82 million manats, having decreased by 11.8 percent for the year. For comparison: the liabilities of AzRe amounted to 28.13 million manats in 2016.
AzRe started operating in 2007. The authorized capital of the company is 50 million manats.
(1.7 manats = 1 USD on March 28)
