Azerbaijani insurance company plans to spend 5-6 million manat to capitalization

Business Materials 25 July 2011 18:56 (UTC +04:00)

Azerbaijan, Baku, July 25 / Trend A. Akhundov /

The Azerbaijani Insurance Company AzSıgorta plans to increase the authorized capital at the expense of the profit obtained as a result of the activity in 2011, chairman of the company's board Abbas Babayev said.

"Last year we got 5-6 million manat," he said. "We hope to achieve the same indices this year. All profits will be spent to the capitalization."

This year AzSıgorta increased the authorized capital by raising the par value of shares by more than half - from 4 million 644,000 up to 9 million 446,000 manat.

The company's assets amounted to 18.935 million manat as of 2010 compared to 10.763 million manat as of early 2011.

The paid authorized capital amounted to 4.643 million manat in 2010, net profit - 5.639 million manat, undivided profits - 20,450 manat. The total capital of the company last year amounted to 10.66 million manat.

AzSıgorta has been operating operates on the domestic insurance market since November 2006. The company has 7 branches in the regions. It has over 180 employees.

The range of insurance products was represented by 32 voluntary and 5 compulsory types of insurance.

The official exchange rate is 0.7865 manat to $1.