BAKU, Azerbaijan, June 10. Total assets in Azerbaijan's insurance sector, including assets of insurance, reinsurance and brokerage companies stood at 1.79 billion manat ($1.05 billion) as of March 31, 2023, up by 9.7 percent year-on-year, Trend reports.
The Central Bank's data reveals that 34.5 percent of the assets or 617.3 million manat ($363.1 million) were accumulated in long-term financial assets (an increase of 7.8 percent), 460.09 million manat or $270.6 million (an increase of 2.6 percent) was in bank accounts, while 140.05 million manat or $82.3 million (an increase of 3.2 percent) is the share of re-insurers in insurance reserves, and the rest accounted for other assets.
As of March 31 this year, the total authorized capital of the insurance sector amounted to 384.5 million manat or $226.18 million, showing a 0.3 percent increase.
Meanwhile, the insurance reserves of the sector are estimated at 1.05 billion manat or $620 million, up by 13.8 percent, and the total retained earnings stand at 132.7 million manat or $78.06 million, growing by 32.5 percent.
Overall, as of March 31, 2023, 35 legal entities were registered in the insurance sector of Azerbaijan, of which 34 are private legal entities. Six companies have foreign capital. There are 20 insurance companies, one reinsurance and 11 brokerage companies operating in the country.