BAKU, Azerbaijan, May 4
By Yusif Aghayev - Trend:
Six Azerbaijani insurance companies paid more income tax in 2019 than in 2018, Trend reports referring to the reports of domestic insurers.
Among these insurance companies are Gunay Sigorta, Qala Sigorta, Qala Hayat Sigorta, PASHA Hayat Sigorta, PASHA Sigorta and Ateshgah Hayat Sigorta.
The highest growth dynamics was observed at Gunay Sigorta (43.8 times), while the lowest dynamics - at Ateshgah Hayat Sigorta (5.4 percent).
The income tax payments of eight companies, namely A-Group, Meqa Sigorta, Baki Sigorta, Silk Way Insurance, ATA Sigorta and Azsigorta, decreased.
The biggest decline in tax payments was observed at AXA Mbask and Xalq Sigorta - 100 percent ,while the smallest decline - at Meqa Sigorta (8.9 percent).
As Amrah Sigorta, Xalq Hayat Sigorta, Ravan Sigorta, Standard Insurance companies and the Azerbaijani State Insurance Commercial Company paid income tax neither in 2019 nor in 2018, while Ateshgah Sigorta and Azerbaycan Senaye Sigorta companies paid income tax in 2019, but did not pay it in 2018, it is impossible to calculate the dynamics of the financial performance of these companies.
Seven domestic insurers did not pay income tax in 2019. Among these companies are AXA MBASK, Amrah Sigorta, Xalq Sigorta, Xalq Hayat Sigorta, Ravan Sigorta, Standard Insurance, as well as the Azerbaijani State Insurance Commercial Company.
The rest insurance companies paid income taxes in various amounts. At the same time, the highest rate was observed at PASHA Sigorta - 8.9 million manat ($5.2 million), while the lowest rate amounting to 19,000 manat ($11,176) - at ATA Sigorta.
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.
(1 USD = 1.7 AZN on May 4)