Azerbaijani insurance company increases its assets by almost half

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

Assets of Azerbaijani insurance company Alfa-Sığorta based on performance in 2012 amounted to 11.69 million manat compared to eight million manat at the beginning of last year. This is an increase of 46 percent, according to the company's balance sheet published in the official press.

The company's financial statements were audited by Kaspian Audit Kompani LLC.

By the end of 2012, long-term assets of the company amounted to 1.97 million manat, increasing by 41.37 percent, whereas short-term assets - 9.72 million manat with annual growth of 47 percent.

In 2012, the company accumulated 6.7million manat in cash and cash equivalents, including deposit accounts - 5.07 million manat, current account - 1.57 million manat.
Paid-up share capital of Alfa-Sığorta stood at 7.78 million manat compared to 4.75 million manat in 2011. The company completed in 2012 with a loss of nearly six thousand manat, whereas in 2011, it earned a profit of 13,500 manat.
The aggregate capital of the company amounted to 8.02 million manat by the end of last year, or three times more than in 2011.
The aggregate liabilities of the company amounted to 3.66 million manat, increasing by 80 percent, capital and liabilities as a whole - 11.69 million manat, increasing by 46 percent.

The company's revenues last year amounted to 6.298 million manat, expenses - 6.3 million manat.

Alfa Sığorta is a subsidiary of Bank Technique JSC and, being established in 1997, is one of the oldest companies in the insurance sector of Azerbaijan.

The official exchange rate on March 27 is 0.7848 AZN / USD.

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