Azerbaijani Re-insurance Company Announced Results of Work in 2007

Business Materials 10 April 2008 19:09 (UTC +04:00)

Azerbaijan, Baku, 10 April / Trend corr. U.Ismayilova / The Azerbaijani re-insurance company AzRE collected premiums -AZN3, 438mln and payments AZN 609,300 within two months of its activities in 2007, the company reported.

Company incomes, during the mentioned period, totaled AZN 3,467mln and expenditures - AZN3, 371mln. Company experienced no loses during that period.

The sum of placed short-term securities made up AZN 2,942mln and deposit accountings in local banks - AZN1.4mln.Balances of the company comprised AZN 4,805mln, assets AZN 4,757mln and liabilities AZN 390,000.

On 7 Nov 2007, the first Azerbaijani re-insurance company AzRe received a license from Azerbaijani Finance Ministry. The authorized capital of the company comprises AZN 2mln. Company's shareholders are individuals. Company renders Non-life insurance to local and regional insurance companies and reinsurance contractors.

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