Baku, Azerbaijan, Aug.6
By Eldar Janashvili – Trend:
Qala Hayat Sigorta, large Azerbaijani insurance company, ended the first half of 2020 with the net profit worth 2.3 million manat ($1.3 million) against the profit of 1.2 million manat ($710,000) in the same period of last year, Trend reports referring to the company's financial statement.
The company’s profit on semi-annualized basis increased by 1.9 times.
According to the statement, the company’s total income for the reporting period made up 9.5 million manat or $5.5 million (up 0.1 percent). The income was formed via direct insurance fees in the amount of 6 million manat or $3.5 million (decrease by 16.5 percent).
The total income was also formed due to changes in net insurance reserves worth 2.7 million manat or $1.5 million (plunge by 8.3 times), investment incomes making up 726,000 manat or $427,000 (growth by 3.8 percent), and other incomes in the amount of 1,175 manat ($691.1).
The company’s total expense made up 6.6 million manat or $3.8 million (down 20 percent since the early 2020) and was formed via fixed operating expenses worth 3.9 million manat or $2.2 million (reduction by 30.7 percent), of which 1.8 million manat ($1.06 million) accounted for reinsurance fees.
The remaining 2.7 million manat or $1.5 million (up 8 percent) forming the total expense accounted for other expenses.
The financial profit of the company before deducing income tax (577,800 manat or $339,800) amounted to 2.9 million ($1.7 million), which is 2.4 times more than in the first half of 2019.
(1 USD = 1.7 AZN on Aug.6)
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