Azerbaijan, Baku, July 12 / Trend A. Akhundov /
About 70 percent of the profits of the Azerbaijani insurance market in 2010 and 78 percent in 2011 were spent to increase the authorized capital, the State Insurance Supervision Service at the Azerbaijani Ministry of Finance said today.
The operation of benefits for banks, insurance and reinsurance companies in Azerbaijan ended in 2011.
The profit spent to increase the authorized capital was exempt from taxation during three years.
In 2011, the profits of all insurance companies and one reinsurance company amounted to 46.45 million manat increasing by 23.64 percent during a year (in 2010 this index was 37.57 million manat).
The total costs of the insurance market in 2011 amounted to 226.84 million manat, or 19.59 percent more compared to 2010. The insurance market spent 189.68 million manat in 2010.
The main operating costs of the market last year amounted to 159.82 million manat (in 2010 - 136 million), the costs for the operations - 63.29 million manat (51.05 million manat), other costs - 3.73 million manat (2.63 million manat).
Total income of the insurance market in 2011 amounted to 273.29 million manat or by 20.25 percent more compared to 2010. The insurance market earned 227.25 million manat in 2010.
The main transaction income on the market last year amounted to 266.73 million manat (in 2010 - 204.74 million), investment income - 23.46 million manat (19.91 million) and so on.
The official exchange rate is 0,7855 AZN/USD on July 12.