BAKU, Azerbaijan, January 21. Iran's Mellat Insurance Company has reported a remarkable increase in net income for the first nine months of the current Iranian year (from March 20 through December 20, 2024), showing a growth of 154 percent compared to the same period last year (from March 21 through December 21, 2023), Trend reports, citing the company
The net income of Mellat Insurance Company during this period amounted to 6.27 trillion rials (around $10.9 million), compared to 2.47 trillion rials (around $4.29 million) for the same period last year.
During the same timeframe, the company’s total revenues reached 66.2 trillion rials (around $115 million), marking an increase of 155 percent compared to the previous year.
With these impressive results, Mellat Insurance Company has continued to develop competitively in the insurance market. The company has become one of the most successful players in the country's insurance sector by accurately assessing its existing potential.
Notably, Iran's Mellat Insurance Company was founded in 2003 with a capital of 200 billion rials (around $4.76 million). The company’s major shareholder is Saba Tamin Financial Group Company, a subsidiary of Iran Social Security Investment Company (known as SSIC or Shasta). Mellat Insurance Company provides services in areas such as life, automobile, fire, cargo, and other types of insurance.