Azerbaijani insurance company's assets up by third in 2010

Business Materials 3 September 2011 13:22

Azerbaijan, Baku, Sept. 3 / Trend A. Akhundov /

Azerbaijani Insurance Company Qarant Sıgorta's assets as of 2010 amounted to 10.554 million manat compared to 7.806 million manat as of early 2011, increasing by 35.2 percent, the company's balance sheet, published in the official press on Saturday said.

The company's long-term assets as of 2010 amounted to 1.295 million manat, increasing by 2.11 times a year, short-term - 9.26 million manat with the annual growth of 28.79 percent.

The company's deposit accounts last year amounted to 25.348 million manat. There were 0.166 million manat on the current account.

Qarant Sıgorta's paid up share capital as of 2010 hit 4 million manat as in 2009. The company completed 2010 with a loss worth 52,900 manat.

The company's total capital as of last year amounted to 3.438 million manat decreasing by 1.52 percent compared to 2009.

The company's total liabilities amounted to 7.117 million manat, increasing by 64.9 percent, capital and liabilities as a whole - 10.554 million manat, increasing by 35.2 percent.

The company's revenues as of last year totaled 9.399 million manat, including insurance - 7.08 million manat, revenues on investments - 0.423 million manat.

The expenses for 2010 totaled 9.452 million manat, including insurance payments - 2.53 million manat, reinsurance payments - 4.01 million manat in connection with the conducted work - 2.76 million manat.

"Qarant Sıgorta" insurance company obtained the license from the Azerbaijani Finance Ministry for insurance activity in November 2007. "Qarant Sıgorta" is a part of ZQAN Holding.

The official exchange rate is 0.7866 manat to $1.