Baku, Azerbaijan, March 19
By Yusif Aghayev - Trend:
AzRe LLC, Azerbaijan’s only reinsurance company, completed 2019 with a net profit of 25.5 million manat ($15 million), Trend reports referring to the company’s financial data for 2019.
According to the data, in 2019, the company’s revenues amounted to 60.3 million manat ($35.4 million), which is 4.4 percent less than in 2018, the company’s expenses amounted to 28.4 million manat ($16.7 million), which is 10.9 percent less compared to 2018.
The company paid profit tax in the amount of 6.3 million manat ($3.7 million), which is 1.5 percent more than in 2018. As of January 1, 2020, AzRe assets amounted to 124.1 million manat ($73 million), which is 5.1 percent more than a year ago.
The company’s liabilities in the reporting period reached 31.3 million manat ($18.4 million), having increased by 13.8 percent, and the balance capital increased by 2.4 percent to make up 92.8 million manat ($54.5 million).
Last year, the company collected reinsurance premiums worth 57.8 million manat ($34 million) and paid reimbursements for reinsurance contracts in the amount of 8.1 million manat ($4.7 million). In 2018, the company collected 54.4 million manat ($32 million) of reinsurance premiums and made payments worth 9.8 million manat ($5.7 million).
The total assets of AzRe amounted 124.1 million manat ($73 million), which is 5 percent more compared to 2018.
AzRe OJSC is the only company engaged in direct reinsurance activities in the Azerbaijan’s insurance market. The company reinsures all risks, from ordinary property risks to complex industrial risks.
AzRe Reinsurance is a shareholder of Azər Türk Bank and the insurance companies Qala Sığorta and Qala Həyat Sığorta.
Presently 22 insurance and one reinsurance company operate in Azerbaijan.
($1 = 1.7 manat on March 19)