Azerbaijani PASHA Life Co. increases authorized capital by almost 6 times
Baku, Azerbaijan, Feb. 15
By Anvar Mammadov - Trend:
The Azerbaijani PASHA Life Insurance Company, over the past five years of activity, has increased its authorized capital by 5.75 times, said the company Feb. 15.
The company's authorized capital reached 40.25 million Azerbaijani manats and assets - 150 million manats, according to the company.
The company obtained a license for insurance activity on Feb. 14, 2011 and is the largest company on Azerbaijan's life-insurance market.
Collections of PASHA Life Insurance amounted to 7.11 million manats in January 2016, which is 94.3 percent (3.67 million manats) more than the same period of 2015.
The company's payments were 1.75 million manats in January, which is 7.9 times more than in January 2015.
The life-insurance market in the country dates back to 2011. Three companies have the right to engage in life insurance in Azerbaijan - Pasha Life, Ateshgah Life and Qala Life.
Twenty six insurance and one reinsurance company operate in Azerbaijan.
The official exchange rate is 1,5711 AZN/USD as of Feb. 15.
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