BAKU, Azerbaijan, March 19
By Yusif Aghayev – Trend:
Azerbaijan’s AXA-MBASK insurance company ended 2019 with great losses, Trend reports referring to the company's annual report.
In accordance with the report, the company's revenues amounted to 11.3 million manat ($6.6 million) and expenses - 15.4 million manat ($9 million) in 2019. As a result, the company ended 2019 with a loss of 4.3 million manat ($2.5 million). The company's assets decreased by almost twofold in 2019 - from 35.9 million manat ($21.1 million) at the beginning of the year up to 18.2 million ($10.7 million) at the end of the year.
Over this period, the volume of long-term assets decreased by four times - from 9.6 million manat ($5.6 million) up to 2.4 million manat ($1.4 million). In particular, the value of land and buildings decreased from 4.7 million manat ($2.8 million) to 584,000 manat ($343,529). Short-term assets decreased from 26.3 million manat ($15.5 million) up to 15,780 manat ($9,282). The total capital of the company has also sharply decreased from 22.9 million manat ($13.5 million) to 16.9 million manat ($9.9 million).
MВASK was established in 1992 and was one of the Azerbaijani leading insurance companies in terms of the amount of the collected premiums and payments.
In 2010, as a result of the agreement on the sale of a majority stake (51 percent) of MВASK insurance company to the subsidiary of the French AXA Group - AXA Seguros Generales S.A. (Spain), the company changed its name and continued to operate under the AXA- MВASK brand.
At the beginning of 2019, AXA insurance company announced about the termination of activity of its subsidiary. The insurance activity of the company was suspended. The company does not conclude new insurance contracts, but renders only services on the existing ones. This stipulates the company’s current financial indices.
Presently, 22 insurance companies and one reinsurance companies operate in Azerbaijan.
(1 USD = 1.7 AZN on March 19)