BAKU, Azerbaijan, March 29. The net profit of the Azerbaijani insurance company Qala Life Insurance amounted to 4.7 million manat ($2.7 million) in 2021, which is 2.2 times more than in 2020, the company told Trend.
According to the data confirmed by the audit report, the company's income amounted to 19.3 million manat ($11.2 million), paid insurance premiums - 19.1 million manat ($11.2 million) (an increase of 20.3 percent compared to 2020) in 2021.
Expenses amounted to 13.2 million manat ($7.7 million), returned contributions - 1.4 million manat ($ 818,700), premiums transferred for reinsurance - 341,777 manat ($201,045), business expenses - 8.2 million manat ($4.8 million)in 2021.
The company's pre-tax profit for 2021 amounted to 6.1 million manat ($3.5 million), income tax payments - 1.4million manat ($ 823,500).
The company's assets increased by 17.2 percent - up to 45.6 million manat ($26.8 million), liabilities - by 67.7 percent - up to 22.2 million manat ($13.05 million), capital decreased by 8.8 percent - up to 23.4 million manat ($13.7 million) in 2021.
Qala Life Insurance received a license for insurance activities in July 2008 and is among the top ten companies in terms of collected premiums.
