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Revenues of Azerbaijani Qala Sıgorta insurance company significantly increase

Economy Materials 10 April 2020 15:35 (UTC +04:00)
Revenues of Azerbaijani Qala Sıgorta insurance company significantly increase

BAKU, Azerbaijan, Apr. 10

By Yusif Aghayev - Trend:

Azerbaijani Qala Sıgorta OJSC insurance company completed 2019 with a net profit of 1.3 million manat ($0.7 million), which is 18.1 percent more compared to 2018, Trend reports citing the company's published report.

In 2019, the company’s revenues exceeded 31.2 million manat ($18.3 million), showing an increase of 45.9 percent compared to 2018. Meanwhile, the company’s expenses amounted to 29.3 million manat ($17.2 million), the increase of 47 percent. Tax on profits amounted 367,000 manat ($215,882), showing an increase of 96.1 percent.

Last year, Qala Sıgorta's assets exceeded 31.5 million manat ($18.5 million), which is 54.55 percent more compared to 2018. Meanwhile, the company's liabilities increased by 81.6 percent, reaching 21.8 million manat ($12.8 million), and the balance capital increased by 15.9 percent, amounting to 9.7 million manat ($5.7 million).

On December 24, 1998, the American International Group (AIG) insurance organization and the Azerbaijani Caspian Insurance Company established a joint insurance company to insure customers in Azerbaijan and Georgia. The company began operations under the name AIG Caspian Insurance Company. In 2000, the Caspian Insurance Company became a 100 percent subsidiary of AIG.

In 2010, the name of the joint company changed to Chartis Azerbaijan. On September 30, 2015, AzRe Reinsurance, the first and only reinsurance company in Azerbaijan, bought a 100 percent Chartis Azerbaijan’s stock, and after rebranding, the company became known as Qala Sıgorta OJSC. The company operates in the non-life insurance sector, and has a license to carry out 4 compulsory and 19 voluntary types of insurance.

Presently, 22 insurance companies and one reinsurance company operate in Azerbaijan.

(1 USD = 1.7 AZN on Apr. 10)

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