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Azerbaijani Insurance Company expects profit of 1 million manat

Business Materials 13 May 2011 19:12

Azerbaijan, Baku, May 13 / Trend A. Akhundov /
The Azerbaijani Insurance Company Qarant Sıgorta expects a profit worth one million manat in 2011, Company CEO Vagif Hasanov told Trend.
"The revenue worth 10-15 percent of premiums is a good result for the insurance company. We intend to raise premiums to 8 million manat and get revenue worth one million in 2011," he added
The profit may be directed to increase the share capital by 1 million to 5 million manat in May, he said.
Earlier Hasanov said since its establishment in 2007 the company got a profit worth 320,000 in 2010 and this, despite the fact that new companies may receive profit no earlier than five-year activity.
Qarant Sigorta got license for insurance activity in November 2007 from the Azerbaijani Finance Ministry. Qarant Sigorta is part of ZQAN Holdings.
The official exchange rate is 0.7908 manat to $1 on May 13.

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