BAKU, Azerbaijan, March 11
By Yusif Aghayev – Trend:
Azerbaijan’s A-Group Insurance Company OJSC has revealed its financial statistics for 2019, Trend reports.
In 2019, the company's operating profit amounted to 15.8 million manat ($9.2 million), 15.1 million manat ($8.8 million) of which were directly collected by insurance premiums, 399,100 manat ($234,764) - participation of the reinsurer in insurance payments, and 311,600 manat ($183,294) - reinsurance commissions.
In addition, the A-Group directed 811,000 manat ($477,058) to create insurance reserves. The company's investment income amounted to 233,600 manat ($137,411), and other income – 124,800 manat ($73,411).
As a result, the total income of the A-Group in 2019 exceeded 15.3 million manat ($9 million).
The company's operating expenses amounted to 10.6 million manat ($6.2 million) in 2019, 8.5 million manat ($5 million) of which accounted for insurance payments, and 312,500 manat ($183,823) - the return of insurance premiums. In addition, the A-Group paid reinsurance premiums in the amount of 1.81 million manat ($1.06 million), and 2.6 million manat ($1.5 million) was spent on business expenses.
As a result, the total expenses of the A-Group amounted to 13.3 million manat ($7.8 million), and total profit – 2.3 million manat ($1.3 million). In 2019, after the company paid income tax in the amount of 406,300 manat, net profit amounted to 1.62 million manat ($952,941).
A-Group Insurance Company OJSC has been operating in Azerbaijan since 1995 as a full-fledged insurance company engaged in non-life insurance. The company has a license for 14 voluntary types of insurance.
The company has been the undisputed leader in the voluntary health insurance segment for a long period of time.
(1 USD = 1.7 AZN on March 11)