Baku, Azerbaijan, Apr. 10
By Yusif Aghayev - Trend:
Azerbaijan’s Baki Sigorta Insurance Company completed 2019 with profit, Trend reports referring to the company's published report.
In accordance with the report, the company's total revenues amounted to 2.8 million manat ($1.6 million), total expenses - 1.8 million manat (over $1 million) in 2019.
Baki Sigorta collected insurance premiums worth 1.2 million manat ($705,882) in 2019. The income of the insurance company from investment activity amounted to 813,900 manat ($478,764), from subrogation -143,900 manat ($84,647), other income – 65,900 manat ($38,764).
The company lost 148,500 manat ($87,352) due to a change in net insurance reserves.
Baki Sigorta paid insurance claims worth 478,000 manat ($281,176) in 2019. The costs of doing business amounted to 1.3 million manat ($764,705), other expenses – 49,600 manat ($29,176) in 2019.
As a result, the company's operating profit at the end of the year amounted to 296,400 manat ($174,352). The company paid 59,300 manat ($34,882) in the form of income tax. The net profit amounted to 237,100 manat ($139,470).
The total assets of Baki Sigorta for the reporting period amounted to 10.9 million manat ($6.4 million), total liabilities - 1.4 million manat ($823,529), total capital - 9.5 million manat ($5.6 million).
Baki Sigorta's operating profit amounted to 418,000 manat ($245,882) in 2018. After paying 83,600 manat ($49,176) of profit tax, the company's net profit for 2018 amounted to 334,400 manat ($196,705).
Thus, the company's net profit decreased by 100,300 manat ($59,000) or by 30 percent less compared to 2018.
Baki Sigorta OJSC is a full-fledged insurance company operating in the non-life insurance segment. Today the company has a license to carry out 27 compulsory and voluntary types of insurance.
Some 22 insurance companies and one reinsurance companies operate in Azerbaijan.
(1 USD = 1.7 AZN on April 10)