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Insurance reserves of Azerbaijani insurance company almost double in 2014

Business Materials 16 March 2015 11:52 (UTC +04:00)
Insurance reserves of Azerbaijani Amrah Insurance OJSC rose by almost 2 times - up to 1.37 million manats on the results of 2014

Baku, Azerbaijan, Mar.16

By Azad Hasanli - Trend:

Insurance reserves of Azerbaijani Amrah Insurance OJSC rose by almost 2 times - up to 1.37 million manats on the results of 2014, said the financial report of the insurance company on the results of 2014, published March14 in the official press.

For comparison, in 2013 the insurance reserves of the insurance company amounted to 754,100 manats.
Last year, the assets of Amrah Insurance amounted to 6.6 million manats, which is 7.3 percent more than in 2013, according to the report.

The bulk of assets (99.4 percent or 6.57 million manats) for the period amounted to short-term assets and 39,390 manats accounted for the long-term assets.

Last year, in the structure of short-term assets of Amrah Insurance 31,3 percent (2.065 million manats) accounted for deposit accounts, 36.3 percent (2.4 million manats) - government securities, 30.3 percent (2 million manats) - the settlement account.

More than half (77.66 percent or 30,590 manats) of long-term assets of the insurance company amounted to land, buildings and equipment, and the rest accounted for other assets.

The company ended last year with a loss of 144,800 manats, while the profit of Amrah Insurance in 2013 amounted to 377,300 manats, according to the report.

The company's revenues on the results of 2014 amounted to 897,600 manats, expenses - 1.042 million manats.

Amrah Insurance operates on the Azerbaijani market since 2003. The company has a license to provide 22 types of insurance services. The authorized capital of the company amounts to 5 million manats.

Edited by CN

Follow the author on Twitter: @AzadHasanli

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