Azerbaijani insurance company to transfer profit for capitalization

Business Materials 26 July 2011 20:22 (UTC +04:00)

Azerbaijan, Baku, July 26 / Trend A. Akhundov /
Azerbaijani Insurance Company İpek Yolu Sıgorta Sirketi (former Azal Sıgorta) will continue transferring profit to the capitalization as of 2011, chairman of the company's board Niazi Safarli told Trend.

"We have transferred all profit to increase the authorized capital for last two years," he said. This trend will be continued in 2012."

The authorized capital of the company increased up to 8.855 million manat at the expense of the profit worth 1.855 million manat as of 2010.

However, he found it difficult to forecast the amount of the profit, planned to get this year.

The company's assets amounted to 19.462 million manat as of 2010 compared to 6.538 million manat as of early 2011. The figure increased by 2.98 times.

The insurance company, specializing in air transport insurance, was established in 1995.