BAKU, Azerbaijan, Apr. 14
By Yusif Aghayev - Trend:
The net profit of Azerbaijani insurers increased by about one percent, Trend reports citing published reports of country’s insurers (excluding the Naxçıvan Sığorta insurance company).
The total income of insurance companies operating in Azerbaijan exceeded 705.4 million manat ($414.9 million) in 2019, which is 10.8 percent more compared to 2018.
In 2019, total expenses of insurers increased by 11.3 percent, amounting to 620.6 million manat ($365 million). Revenues of 10 insurance companies and expenses of 13 insurance companies increased.
The total financial profit of insurers amounted to 84.8 million manat ($49.8 million) in 2019, which is 6.9 percent more compared to 2018. The financial profit of eight insurance companies increased, and the six companies decreased, the financial losses of two insurance companies increased. Two companies that ended 2018 with a profit ended 2019 with a loss, while three companies that ended 2018 with a loss ended 2019 with a profit.
In 2019, Azerbaijani insurance companies paid profit tax in the amount of 22.6 million manat ($13.2 million). This is 28.7 percent more compared to 2018. Six out of 21 companies increased tax payments, eight companies - reduced, five out of seven companies that did not pay income tax in 2018 did not pay it also in 2019, and two companies that got a profit paid tax.
The total net profit of Azerbaijani insurers amounted to 62.2 million manat ($36.5 million), showing an increase of 0.75 percent. Eight companies, whose total financial profit increased in 2019, also increased their net profit. Two companies that ended 2018 with a profit ended 2019 with a loss, and three companies that ended 2018 with a loss made a profit in 2019.
Azerbaijan’s insurance companies collected insurance premiums in the amount of 681.1 million manat ($400.6 million) in 2019, which is 46.7 million manat ($27.4 million), or 6.4 percent less compared to 2018. The Azerbaijani insurance companies paid insurance claims in the amount of 301.5 million manat ($177.3 million), indicating an increase of 61.2 million manat ($36 million) or 25.4 percent.