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Assets of Azerbaijan’s PASHA Insurance up

Business Materials 30 March 2017 16:58 (UTC +04:00)

Baku, Azerbaijan, Mar. 30

By Anvar Mammadov – Trend:

Assets of Azerbaijan’s PASHA Insurance OJSC amounted to 132.64 million Azerbaijani manats in late 2016, 17.2 percent more than in 2015, says the company’s report.

The company’s assets totaled 113.17 million manats in 2015.

In 2016, a major part of PASHA Insurance’s assets (94.2 percent or 124.97 million manats) accounted for short-term assets that increased by 31 percent during the year. Long-term assets decreased by 2.3 times and totaled 7.67 million manats.

During the period, 48.7 percent (60.82 million manats) of short-term assets accounted for cash and cash equivalents, and 14.2 percent (17.72 million manats) for receivables.

According to the report, 79.7 percent or 6.11 million manats of long-term assets accounted for financial instruments, and 16 percent or 1.23 million manats for land plots, buildings and equipment.

Net profit of PASHA Insurance was 19.39 million manats in 2016, or 11.2 percent more than in 2015.

According to the report, the company’s revenues amounted to 104.64 million manats, 98.2 million manats of which accounted for insurance premiums.

In 2016, expenditures of PASHA Insurance exceeded 80.98 million manats and payment of claims amounted to 47.74 million manats.

The company’s insurance reserves totaled 53.04 million manats in 2016, 41.2 percent more than in 2015.

During the period, PASHA Insurance’s authorized capital remained unchanged and stood at 50 million manats. The company’s aggregate capital increased by 2.9 percent to hit 72.04 million manats.

PASHA Insurance has been operating since 2006.

(1.7238 AZN = $1 on Mar. 30)

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