BAKU, Azerbaijan, April 9
By Yusif Aghayev – Trend:
The Azerbaijani leading PASHA Insurance company, has published the financial results of its activity for 2019, Trend reports citing the report published by the company.
According to the report, the company ended 2019 with profit, the company’s total revenue exceeded 151.2 million manat ($88.9 million), while the total expenses amounted to 111.1 million manat ($65.3 million).
In 2019, PASHA Insurance collected over 152.7 million manat ($89.8 million) of insurance premiums. The company’s income from investments exceeded 10.8 million manat ($6.3 million), subrogation income - 1.1 million manat ($0.6 million), and other income – 210,000 manat ($123,529). The company lost 13.7 million manat ($8 million) due to changes in insurance reserves.
Meanwhile, the company paid 88.4 million manat ($52 million) of insurance claims. The policy administration amounted to 22.6 million manat ($13.2 million), other expenses – 15,800 manat ($9,294).
As a result, the company's operating profit amounted to 40.6 million manat ($23.8 million). The company paid profit tax in the amount of 8.9 million manat ($5.2 million), so the company's net profit amounted to 31.7 million manat ($18.6 million).
The company’s total assets amounted to 60.6 million manat ($35.6 million), total liabilities - 116.6 million manat ($68.5 million), total capital - 84.6 million manat ($49.7 milion).
In 2018, PASHA Insurance paid profit tax in the amount of 5.9 million manat ($3.4 million), the company's net profit amounted to 22.4 million manat ($13.1 million). Thus, the company's net profit increased by 8.6 million manat ($5 million), or by 38.6 percent.
PASHA Insurance company is a recognized leader in the non-life insurance market in Azerbaijan. The authorized capital of the company is 50 million manat ($29.4 million). It renders insurance services on 36 voluntary and compulsory types of insurance for 300,000 corporate and individual clients.
As a result of the activity in 2019, the company collected insurance premiums in the amount of 150.2 million manat ($88.3 million) and paid insurance indemnities in the amount of 52.8 million manat ($31 million), ranking second in the ranking of domestic insurers.
From January through February 2020, the company collected insurance premiums worth 67.7 million manat ($39.8 million), and become the market leader.
Today, 22 insurance companies and one reinsurance company operate in Azerbaijan.
(1 USD = 1.7 AZN on April 9)