Azerbaijani insurance market leader increased its assets by third

Business Materials 27 March 2013 17:18 (UTC +04:00)

Azerbaijan, Baku, March 27 / Trend A. Akhundov /

Assets of Azerbaijani insurance company Paşa Sığorta on the results of 2012 constituted 60.51 million manat compared to 44.19 million manat at the beginning of the year, increasing by 36.93 percent, according to the balance sheet of the company published on its website on Wednesday.

The Paşa Sığorta financial statement is audited by the "Kaspian Audit Kompani" LLC.

According to the balance sheet, the long term assets of the company at the end of 2012 amounted to 6.961 million manat, increasing amost 16 times during the year, and the short term ones - 53.55 million manat with an annual growth of 22.4 per cent.

In 2012, 39.92 million AZN was accumulated in cash and cash equivalents, including 34.4 million AZN at deposit accounts and 5.5 million AZN at payment account.

The paid up authorised capital of AtaSığorta, up to 2012, comprised 35.5 million manat compared to 30 million manat in 2011. The company finished 2012 with a net profit of 2.97 million manat, and used it to increase authorized capital.

The aggregate capital at the end of the last year was 38.7 million AZN having increased in comparison with 2011 by 12.5 per cent.

The aggregate liabilities of the company amounted to 21.81 million manat, increasing 2.23 times, and capital obligations in total constituted 60.51 million manat, increasing by 36.93 per cent.

The company's revenues last year amounted to about 45 million manat and expenditures - 41.42 million manat.

JSC Paşa Sığorta insurance under the Ata Holding Group offers 30 kinds of insurance services to corporate and individual customers. Paşa Sığorta is the leader of the national insurance market in terms of capitalization and one of the leading insurers and reinsurers in Azerbaijan.

The official currency rate on March 27 is 0.7848 AZN/USD