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Azerbaijani state insurance company’s profit exceeds $20 million in a year

Business Materials 31 March 2014 15:55 (UTC +04:00)
Assets of the Azerbaijani insurance company AzSigorta, amounted to 63.05 million manat based on its performance in 2013 compared to 54.8 million manat at the beginning of the year which is an increase of 15.05 percent, according to the company's balance sheet, posted on the local media.

Baku, Azerbaijan, March 31

By Emin Aliyev - Trend:

Assets of the Azerbaijani insurance company AzSigorta, amounted to 63.05 million manat based on its performance in 2013 compared to 54.8 million manat at the beginning of the year which is an increase of 15.05 percent, according to the company's balance sheet, posted on the local media.

The financial statements of the company were audited by İqtisadçı Audit LLC specialist, Chingiz Abbasov.

The long term assets of the company amounted to 21.54 million manat at the end of 2013 increasing by 58.97 and the short term assets were 41.26 million manat with an annual growth of 0.6 percent, according to the balance sheet.

In 2013, the company accumulated 29.38 million manat in cash and cash equivalents, including 27.93 million manat in deposit accounts and 1.25 million manat in debit accounts.

The paid -up authorised capital of AzSigorta stood at 20.3 million manat in 2013, which was the same as 2012.

The aggregate capital of the company was 36.59 million manat at the end of the last year increasing by 11.35 percent compared to 2012. The aggregate liabilities of the company stood at 26.46 million manat an increase of 20.55 percent and capital and liabilities as a whole were 63.05 million manat.

The company's revenues on the results of last year amounted to 45.14 million manat and expenditure stood at 25.23 million manat. The company completed 2013 with a net profit of 15.93 million manat.

AzSığorta insurance company was founded in November 2006. It provides services to 32 types of voluntary and five types of compulsory insurance.

Official exchange rate on March 31 is 0.7843 AZN/USD.

Translated by S.I.
Edited by S.M.

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