BAKU, Azerbaijan, March 30. Azerbaijan's AzRe Reinsurance OJSC finished 2023 with a net profit of 19.39 million manat ($11.4 million), down 14.4 percent from 2022, Trend reports.
The data from the company's financial report showed that its last-year revenues amounted to 122.4 million manat ($72 million), increasing by 2.5 times compared to the previous year.
Meanwhile, expenses for the company grew by 4.4 times to 99.4 million manat ($58.4 million), and revenue tax payments increased by 16.1 percent to 3.6 million manat ($2 million).
As of the beginning of the current year, the company's assets stood at 135.4 million manat ($79.6 million), which is 1.1 percent less than the previous year.
Additionally, the liabilities decreased by 24.2 percent to 46.7 million manat ($27.4 million), and the balance capital decreased by 17.7 percent to 88.7 million manat ($52 million).
To note, AzRe Reinsurance OJSC was founded in 2007 and is the only reinsurance company in the country. Its authorized capital amounts to 50 million manat ($29.4 million).
