Azerbaijan, Baku, Dec.15 / Trend I. Khalilova /
Pasa Heyat Sigorta, which is a part of the Pasa Holding, has no plans to attract foreign shareholders, Pasha Sigirta CEO Nofel Rzayev told Trend today. Pasa Heyat Sigorta has already passed state registration and is currently at the stage of receiving a license for insurance activities from the Finance Ministry.
"Given the experience of Pasa Sigorta in life insurance, we have very good partnerships with leading life insurers, in particular with the German companies, such as Allianz and Gen Re Life," Rzayev said. "This business partnership will continue with Pasa Heyat Sigorta, and they don't involve investment cooperation."
Pasa Heyat Sigorta staff has undertaken a training program in these foreign insurance companies.
After the start of activity of Pasa Heyat Sigorta, which is expected early next year, Pasa Sigorta plans to transfer to it its life insurance portfolio, which today is formed at about 300,000 manat. The company will begin activity with an initial capital of seven million manat, and prospectus issue of shares has been registered at the State Securities Committee of Azerbaijan.
Mursal Rustamov has already been appointed chairman of the board of Pasha Heyat Sigorta and Niyaz Ismayilov as vice chairman. Ismayilov is also the chief technical director of the company.
Today, there are two life-insurance companies Ateshgah Heyat and Qala Heyat in Azerbaijan.
Pasha Sigorta is a member of the Pasha Holding. It offers 31 types of insurance services to corporate and individual clients. The company's authorized capital is 20 million manat. With total assets of 28 million manat, Pasha Sigorta is among the country's three leading insurers in terms of capitalization, maintaining at the same time one of the highest profit levels on the country's insurance sector.
Pasha Sigorta has been certified by Moody's as having attained the ISO 9001:2000 standard since 2007. Pasa Sigorta is also a participant of the U.N. Global Compact Initiative for the protection of human rights and the environment and countering corruption.
The official exchange rate is 0.7987 manat to $1.