Azerbaijan discloses dynamics of growth of insurers’ net profit

Azerbaijan discloses dynamics of growth of insurers’ net profit

BAKU, Azerbaijan, May 4

By Yusif Aghayev - Trend:

Eight Azerbaijani insurance companies increased the financial profit in 2019, Trend reports referring to the reports of domestic insurers.

Among these insurance companies are Gunay Sigorta, Amrah Sigorta, Qala Hayat Sigorta, PASHA Hayat Sigorta, PASHA Sigorta, Qala Sigorta, Revan Sigorta and Ateshgah Hayat Sigorta.

The highest growth dynamics of net profit was observed at Gunay Sigorta (12.6 times), while the lowest dynamics - at Ateshgah Hayat Sigorta (5.4 percent).

The net profit of six companies, namely A-Group, Meqa Sigorta, Baki Sigorta, Silk Way Insurance, Azerbaijani State Insurance Commercial Company and Azsigorta, decreased compared to 2018.

The biggest decline in profit was observed at Azsigorta - 82.6 percent, while the smallest decline in profit - at A-Group - 24.9 percent.

The losses of Xalq Sigorta and Standard Insurance companies increased by 36.3 times and by 73.2 percent, respectively.

Given that AXA MBASK and Xalq Sigorta insurance companies ended 2019 with a loss, and 2018 with profit, while ATASigorta, Ateshgah Sigorta and Azerbaycan Senaye Sigorta (Azerbaijan Industrial Insurance) companies have opposite dynamics, it is impossible to calculate the dynamics of the financial performance of these companies.

In general, the Azerbaijani insurance companies collected insurance premiums in the amount of 681.2 million manat ($400.7 million) in 2019, which is 46.8 million manat ($27.5 million) or 6.4 percent less than in 2018, and paid insurance claims in the amount of 301.5 million manat ($177.3 million), which is 61.2 million manat ($36 million) or 25.4 percent more than in 2018.

Today, 22 insurance companies and one reinsurance company operate in Azerbaijan.

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