...

Azerbaijani insurance company overfills 2010 collection forecast

Business Materials 13 December 2010 17:18 (UTC +04:00)

Azerbaijan, Baku, Dec.13 / Trend U. Ismayilova /

The Azerbaijani Alfa Sigorta insurance company overfilled its 2010 insurance premium collection quota during the first 11 months of this year, Board of Directors Chairman Khayal Mammadkhanli said today.

"As a result of January-November, the company's collections exceeded 2.148 million manat with an annual forecast of roughly 2 million manat," Mammadkhanli said.

According to Mammadkhanli, by late 2010, the company plans to collect 2.2 million manat.

He added that the company's plans for 2011 include bringing its portfolio to 3 million manat, which will be provided through auto, accident, agriculture and loan insurance, as well as mortgages.

"Alfa Sigorta mainly prefers retail insurance services, which guarantee stable growth," Mammadkhanli said.

Alfa Sigorta was founded by Texnikabank, which bought a 100-percent stake in the company in December 2006. Alfa Sigorta is licensed to provide 30 kinds of insurance services, including six compulsory and 24 voluntary. Its authorized capital is 3.1 million manat.

The official exchange rate is 0.7991 manat to $1.

Latest

Latest