BAKU, Azerbaijan, February 28. Mellat Insurance Company of Iran has witnessed a significant revenue increase of 77 percent for the first 11 months of the ongoing Iranian year (March 21, 2023, through February 19, 2024), in comparison to the corresponding period of the previous year, Trend reports.
The company announced that its revenue reached approximately 48.7 trillion rials (about $1.16 billion) over the 11-month span.
Notably, during the 11th month alone (from January 21 through February 19, 2024), Mellat Insurance’s revenue amounted to 4.01 trillion rials (about $95.6 million), marking a 41 percent surge from the same month in the preceding year.
The 11-month financial performance indicates effective management of expenses and income by the company. With the current fiscal year extending until March 19, 2024, Mellat Insurance anticipates a considerable rise in its income.
Mellat Insurance Company of Iran was established in 2003 with a capital of 200 billion rials (about $4.76 million). The main shareholder of the company is Saba Tamin Investment Company, which operates under the Social Security Organization (SSO). Mellat Insurance Company provides property, life, marine, aviation, and liability insurance.
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