Azerbaijan, Baku, Feb. 25 / Trend U.Ismayilova /
The subsidiary of the American insurance company Chartis (AIG Insurance) in Azerbaijan, Chartis Azerbaijan, increased its authorized capital to 4 million manat compared to 3.5 million manat, the company said on Friday.
"The company's capital increased entirely through additional investments of the sole shareholder," the report reads.
According to a source in the company, its profit for 2010 hit $100,000 in accordance with American standards, and the company ended the year without a profit in accordance with the Azerbaijani standards.
The composition of the company's shareholders changed in 2010, following which it became a 100 percent foreign company. The company's name changed from the LLC "AIG Caspian Insurance" to Chartis Azerbaijan. To this end, the company was re-registered at the Justice Ministry in connection with changing the name on Oct. 15, 2010, and the country's State Insurance granted permission on Nov.4, 2010.
In February 2009, AIG Caspian Insurance received an unlimited license to carry out insurance activities.
Earlier, 51 percent stake in the company belonged to the Azerbaijani side and 49 percent to Chartis. The company has authorization to provide one compulsory and 7 types of voluntary services.
Premiums for January 2011 amounted to 259.098 manat, with payments of 749,040 manat. In 2010, the company collected 1.74 million manat, with payments of 0.27 million manat.
Chartis (AIG Insurance) is a major international organization in the field of property and personal insurance (insurance other than life insurance). It serves over 40 million customers in more than 160 countries and jurisdictions. Chartis, having a 90-year history, is one of the widest spectrums of products and services. It helps both corporate clients and individuals to confidently manage any risks.
The official exchange rate is 0.7941 manat to $1 on Feb. 25.