One of Azerbaijan's largest insurance companies to continue capitalization due to profit

Business Materials 16 July 2011 11:34 (UTC +04:00)

Azerbaijan, Baku, July 16 /Trend, A.Akhundov/

One of the most capitalized companies in the insurance market of Azerbaijan - Standard Insurance Company plans to direct the profits earned in 2011 on increasing in the authorized capital, CEO Kamal Ibrahimov told Trend.

"Today the authorized capital totals 12 million manat. This year we expect profits of more than one million manat. All of these will be invested in authorized capital," said Ibrahimov.
According to him, the capital increase will continue in the future as well.

"Regular income will also be directed towards capitalization," said Ibrahimov.

One of the largest insurance companies of Azerbaijan, Standard Insurance has been operating on the market since 2002. The company provides 28 kinds of insurance services. In terms of amount of the capitalization, on the market the company ranks third after PAŞA Sığorta (with a capital of 30 million manat) and Xalq Sığorta (21.06 million manat).