Azerbaijani Azsigorta insurance company's net profit grows
BAKU, Azerbaijan, Aug. 7
By Eldar Janshvili - Trend:
By the introduction of coronavirus-related restrictions in Azerbaijan, the total insurance fees of the local Azsigorta insurance company lowered by 10 percent in the first half of 2020 compared to the same period of 2019, making up 6.5 million manat ($3.8 million), Trend reports referring to the Azsigorta.
Payments for insured events for the reporting period rose by 12 percent over the year and equaled to 2.7 million manat ($1.5 million). The largest payment was on compulsory real estate insurance in the amount of 330,000 manat ($194,117).
As a result of the taken optimization measures, expenditures of the current period decreased by 26 percent year-on-year and amounted to 3.3 million manat ($1.9 million).
Following the decreased expenses, the Azsigorta’s net profit in the first half of 2020 exceeded 1.2 million manat ($0.7 million), showing a 36 percent growth over the year.
The company also completed half a year with an authorized capital of 20.3 million manat ($11.9 million), which guarantees the company the successful fulfillment of its obligations and solvency.
Fitch Ratings international rating agency has confirmed the company's financial strength at "B" with a stable outlook.
(1 USD = 1.7 manat on Aug. 6)