BAKU, Azerbaijan, January 8. Azerbaijan's insurance sector assets amounted to 1.9 billion manat ($1.1 billion) as of September 30, 2023, marking a 19 percent increase from the end of 2022, Trend reports via the Central Bank of Azerbaijan (CBA).
The bank's data shows that 37.1 percent of the assets (720.9 million manat, or $424 million) were accumulated in long-term financial assets (growth of 25.9 percent), 400.2 million manat, or $235.4 million (down 10.8 percent), on bank accounts, and 212.7 million manat, or $125 million (up 56.7 percent), reinsurers' share in insurance reserves, and the remaining assets in other assets.
The total statutory capital of the insurance sector as of September 30, 2023, was 385.7 million manat, or $227 million (up 0.6 percent).
The sector's estimated insurance reserves equaled 1.2 billion manat ($710 million) with a growth of 29.9 percent, and retained earnings were 139.8 million manat ($82.2 million), representing an increase of 39.6 percent.
Azerbaijan's insurance sector registered 35 legal entities, of which 34 are private legal entities (five companies have foreign capital).
A total of 20 insurance companies, one reinsurance company, and 11 brokerage companies are operating in the country.