Assets of Azerbaijani Atəşgah Həyat increase by almost 3.6 times

Azerbaijan, Baku, April 5 /Trend A.Akhundov/

Assets of Azerbaijani life insurance company Atəşgah Həyat amounted to 14.62 million manat at the end of 2011 compared to 4.09 million manat at the beginning of the year increasing by 3.58 times, according to the company's balance sheet published in the official press on Thursday. Financial accounting of the insurance company is audited by independent auditor N.Ragimova.

The long term assets of the company amounted to 1.276 million manat at the end of 2011, increasing by 12.63 times for the year and the short term assets amounted to 13.35 million manat at an annual growth of 3.35 times.

In 2011, 10.6 million manat had been accumulated in cash and cash equivalents, including deposit accounts totalling 9.18 million manat, current accounts - 1.29 million manat, long-term government securities - 0.5 million manat andshort term - 0.39 million manat.

The paid up share capital of Atəşgah Həyat stood at four million manat in 2011 compared to 2.3 million manat in 2010. The company completed 2011 with a net profit of 0.111 million manat.

The total capital of the company amounted to 4.243 million manat in 2011, increasing by 70.4 per cent compared to 2010.

Total liabilities of the company amounted to 10.38 million manat, increasing by 6.5 times, capital and liabilities as a whole were 14.62 million manat increasing 3.58 times.
The company's revenues amounted to 4.95 million manat and expenses were 4.11 million manat in 2011.

Atəşgah Həyat was the first life insurance company launched in the country and established in December 2008.

The company provides life insurance for sectors such as term life insurance, life insurance endowment, credit life insurance, critical illness insurance and mandatory life insurance against accidents at work.

Official exchange rate on April 5 is 0.7861 AZN/USD

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