BAKU, Azerbaijan, March 30. Azerbaijan's Xalq Life Insurance OJSC finished the financial year in 2023 with a net profit of 1.98 million manat ($1.16 million), up 8.7 percent from 2022, Trend reports.
The data from the company's financial report showed that its last-year revenues amounted to 10.69 million manat ($6.29 million), increasing by 63.9 percent compared to the previous year.
Expenses of the company equaled 8.09 million manat ($4.76 million), up 90.6 percent, while revenue tax payments were 620,000 manat ($362,000), growing by 36 percent.
As of the beginning of the current year, the company's assets stood at 31.66 million manat ($18.27 million), which is 15.2 percent more than the previous year.
Liabilities increased by 21.6 percent to 12.4 million manat ($7.25 million), and the balance capital increased by 11.5 percent to 19.26 million manat ($11.29 million).
To note, Xalq Life Insurance was established in 2018. Its authorized capital is 15 million manat ($8.8 million). The company's shares are 100 percent owned by Xalq Insurance OJSC.
