Baku, Azerbaijan, June 24
By Anvar Mammadov – Trend:
Azerbaijan’s sole reinsurance company AzRe Reinsurance OJSC plans to increase its authorized capital, Fuad Guliyev, chairman of the company’s Management Board, told reporters in Baku.
Guliyev said shareholders have made a decision to increase the company’s authorized capital by 10 million Azerbaijani manats – from 40 to 50 million manats.
The official exchange rate is 1.5332 AZN/USD as of June 24.
“We completed the last year with a profit and have made a decision to direct a part of the profit to increase the capital,” he explained. “This step is necessary for the restoration after two devaluations.”
Guliyev also said despite a difficult year, the company was able to increase its profit and assets.
“The year was difficult, there were losses, but despite this we completed 2015 with a profit of 14 million manats versus 11 million manats in 2014,” noted the chairman.
He went on to add that the company’s assets increased up to 70 million manats.
Guliyev said AzRe’s collections increased by 5 percent and amounted to 50.7 million manats in 2015.
“We plan to keep this dynamics this year,” he added.
AzRe Reinsurance began to operate in 2007. The company’s total capital is 69.51 million manats.