Azerbaijani reinsurer’s assets double in 2008
Azerbaijan, Baku, Apr. 1 / Trend , U.Ismayilova/
The assets of Azerbaijan's sole reinsurance company AzRe Tekrarsigorta reached 11.347 million manat in late 2008, a 2.36-time increase from 2007, according to the company's balance sheet.
MAK Azerbaycan provided the auditor's conclusion of the report.
AzRe Tekrarsigorta's long-term assets hit 662,000 manat as a result of 2008, a 14.2-time rise from early that year. Short-term assets hit 10.68 million manat.
AzRe Tekrarsigorta's deposit accounts hit 3.25 million manat.
The company's paid authorized capital hit two million manat in 2008, net profits - 89,000 manat and undistributed profits from previous years - 163,000 manat.
AzRe Tekrarsigorta's long-term liabilities reached 9.18 million, a 3.4-time rise from 2007, short-term liabilities - 1,348 manat and capital and liabilities as a whole - 11.34 million manat.
AzRe Tekrarsigorta's revenues for last year hit 13.924 billion manat and expenses - 13.808 million manat.
The company paid 48,700 manat in profit tax, 25,000 manat in income tax and 795 manat in tax at source in 2008.
On April 1, the official exchange rate is 0.8029 manat to $1.
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