Azerbaijani insurance company plans to increase capital

Business Materials 15 July 2011 15:25 (UTC +04:00)

Azerbaijan, Baku, July 15 / Trend A. Akhundov /

The Azerbaijani A-Qroup is a leader in health insurance in the country.

It plans to raise equity capital to 4 million manat in 2012, Chairman Anar Bayramov told Trend.

"We plan to increase authorized capital up to 4 million manat, which will meet the requirements of the Finance Ministry," he said.

He added that all profits, earned in 2011, will be sent for capitalization.

"This year we expect to get more than 1 million manat," Bayramov said.

The minimum requirement of the Ministry of Finance to the capital of insurers as of January 1, 2011 is 3 million manat and 4 million manat by early 2012.

A-Qroup was established in 1995. It provides services in three types of compulsory and 14 types of voluntary insurance.