Baku, Azerbaijan, Sept. 3
By Kamala Mammadli – Trend:
The assets of the Azerbaijani insurance company Qala Life amounted to 35.234 million manats by the end of the first half of 2019, having decreased by 7.1 percent compared to the beginning of the year, Trend reports referring to the company’s financial report.
The bulk of assets (52 percent, or 18.536 million manats) of Qala Life in the first half of the year was comprised of short-term assets, which decreased by 22.14 percent compared to the beginning of the year. Long-term assets amounted to 16.697 million manats, showing an increase of 10.7 percent.
In the structure of the company’s short-term assets over the indicated period, 38.3 percent (7.1 million manats) accounted for short-term financial assets, 33 percent (6.117 million manats) for cash and cash equivalents, and 12.5 percent (2.316 million manats) for receivables. The share of reinsurance in insurance reserves amounted to 9.43 percent (1.749 million manats) with an increase of more than 2.5 times.
According to the report, about 65 percent, or 10.910 million manats, of Qala Life's long-term assets accounted for financial assets, while 6 percent, or 1.004 million manats, accounted for land, buildings and equipment. The share of intangible assets amounted to 3.84 percent (642.124 manats).
In the reporting period, the company’s charter capital remained unchanged and amounted to 12.870 million manats. The total capital of Qala Life grew by 5.94 percent to 21.925 million manats.
According to the report, total liabilities for the reporting period decreased by 27.9 percent, having amounted to 13.309 million manats. Most of the liabilities were long-term liabilities in the amount of 12.132 million manats. The company’s short-term liabilities for the first half of the year amounted to 1.177 million manats.
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