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Azerbaijani life insurance company prepares for major capitalization

Business Materials 22 December 2011 17:42 (UTC +04:00)

Azerbaijan, Baku, Dec.22 / Trend, A.Akhundov /

Azerbaijani life insurance company Pasa Heyat Sıgorta plans to increase its authorized capital by more than 71 percent in 2012, Pasa Heyat Sıgorta Deputy Chairman Niyaz Ismayilov told Trend on Thursday.

"Now our capital hits 7 million manat. In 2012, we will bring it up to 12 million manat," Ismayilov said.

He said an increase is planned in the capital, both at the expense of profits and funds of only founder of the company.

"As a result of the activity in 2011, we expect a profit worth at least two million manat," Ismayilov added.

Pasa Heyat Sıgorta is the most capitalized company among life companies in the country (Atesgah Heyat and Qala Heyat). It entered the market in February 2011 with a capital of seven million manat. The only shareholder and holder of the new company is Pasa Holding.

The official exchange rate is 0.7863 manat to $1 on Dec.22.

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