Azerbaijani-French insurance company prepares for increasing capital

Azerbaijan, Baku, Febr. 1 / Trend U.Ismayilova /

Shareholders of the Azerbaijani-French insurance company AXA MBASK planned to hold the next meeting on March 17. The budget of the company for 2011 is expected to be approved, the company said.

The financial reports as of 2010 will be considered. The total volume of premiums of the company as of 2010 amounted to 8.39 million manat, and payments were made at the level of 3.54 million manat.

The company's profit totaled 1.36 million manat as of 2010, AXA MBASK said.

"Shareholders plan to discuss the issue of full or partial spending of profit for capitalization of the company. At present, the capital of the company was formed to the amount of 5.73 million manat," AXA MBASK said.

The AXA Group bought shares in the European Bank for Reconstruction and Development in the Azerbaijani MBASK's capital in October. The group's AXA Seguros Generales acquired a controlling stake by purchasing the bank's shares in MBASK's capital. The bank had owned a 30-percent share and the company's principle shareholder Eldar Garibov had owned a 21-percent stake. Garibov will own the remaining 49-percent stake.

MBASK has operated on the Azerbaijani insurance market since 1992. It offers 29 types of insurance services, four of which are compulsory. Its authorized capital is 5.73 million manat.

AXA provides life and health insurance, contribution, international insurance and reinsurance, and financial management services. AXA was founded in 1816 and is headquartered in Paris. AXA employs 216,095 people and has 96 million customers worldwide.

The official exchange rate is 0.7963 manat to $1.

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