Azerbaijani-Turkish insurance company’s assets up by half
Azerbaijan, Baku, April 9 / Trend A. Akhundov /
The assets of the Azerbaijani insurance company Basak-İnam Sıgorta totaled 7.75 million manat as of 2011 compared to 5.2 million manat as of early 2011. The figure increased by 49 percent, the company's balance sheet, published in the official press on Monday said.
The insurance company's financial accounting was audited by the Central Audit company.
The company's long-term assets as of late 2011 totaled 1.92 million manat, decreasing by 13.51 percent per year, short-term - 5.83 million manat, with an annual growth of 95.57 percent.
About 3.898 billion manat, including the funds at deposit accounts - 0.59 million manat, at the current account - 2.85 million manat were accumulated in cash and cash equivalents in 2011.
The company's paid up share capital as of 2011 hit 6 million manat compared to 3.25 million manat in 2010. The company completed 2011 with a loss worth 58,590 manat.
The company's total capital as of late 2011 amounted to 6.33 million manat, or 73.69 percent more compared to 2010.
The company's total liabilities amounted to 1.42 million manat, reducing by 8.86 percent, equity and liabilities as a whole - 7.75 million manat with a growth of 49 percent.
The company's revenues as of 2011 amounted to 3.406 million manat, expenses - 3.465 million manat.
The Azerbaijani insurance company Basak Inam has been operating in the market since 1996.
About 19.95 percent of the company's shares fall to Zamin bank, 48 percent - physical entities, 17 percent - Groupama Sigorta A.Ş. (Turkish subsidiary company of the largest European insurance company Groupama), 8.5 percent - Turanbank, 6 percent - AzerTurkBank, less than one percent - non-bank credit organization Aqrarkredit.
The official exchange rate is 0,7862 AZN/USD on April 9.