Asset growth of Azerbaijani A-Qroup Insurance Company exceeds 65 per cent
Azerbaijan, Baku, 27 March / Trend A.Akhundov /
Assets of Azerbaijani insurance company A-Qroup based on its performance in 2012 amounted to 17.69 million manat compared to 10.69 million manat at the beginning of last year. This is an increase of 65.5 per cent, according to the company's balance sheet, published in the official press.
The financial statements of A-Qroup were audited by G & A Auditor Firması LLC.
According to the report, the long term assets of the company at the end of 2012 amounted to 2.194 million manat, decreasing by 2.83 per cent, short term assets - 15.5 million manat with an annual growth of 83.88 per cent.
In 2012, the company accumulated 10.56 million manat in cash and cash equivalents, including deposit accounts of 8.6 million manat, current accounts - 1.89 million manat.
The paid-up share capital of A-Qroup, up to 2012 stood at 4.72 million manat compared to 2.91 million manat in 2011. The company completed 2012 with a net profit of 1.3 million manat.
The company's aggregate capital amounted to 7.95 million manat by the end of last year, or 19.01 per cent more than in 2011.
The aggregate liabilities of the company amounted to 9.74 million manat, increasing by 2.43 per cent, capital and liabilities as a whole - 17.69 million manat, an increase of 65.54 per cent.
The company's revenues last year amounted to 11.94 million manat with expenses at 10.31 million manat.
A-Qroup Insurance Company was established in 1995 and renders services for 14 types of voluntary insurance. A-Qroup is the only insurance company selected by the International Finance Corporation (IFC) in the second phase of a pilot programme to improve corporate governance. Earlier this year, the insurance company has once again confirmed the company's compliance with international quality standard ISO 9001.
The official exchange rate on March 27 is 0.7848 AZN / USD.