Azerbaijani state insurance company’s profit exceeds $3 million
Azerbaijan, Baku, 29 March / Trend A.Akhundov /
Assets of the Azerbaijani state insurance commercial company AzərSığorta based on its performance in 2012, amounted to 27.167 million manat compared to 18.559 million manat at the beginning of the year. This is a 46.38 per cent increase, the balance sheet of the company published on Friday in the official press said.
The company's financial statements were audited by VIP-Audit LLC.
According to the report, the company's long term assets at the end of 2012 amounted to 1.457 million manat, or 0.28 per cent less than last year, whereas short term assets totalled 25.71 million manat with an annual growth of 50.26 per cent.
In 2012, the company accumulated 8.56 million manat in cash and cash equivalents, including deposit accounts of 4.39 million manat an current accounts - 4.148 million manat.
The paid-up share capital of AzərSığorta stood at five million manat by the end of 2012 versus 4.5 million manat in 2011.
The company's aggregate capital by the end of last year amounted to 7.414 million manat, or 28.8 per cent more than in 2011.
The aggregate liabilities of the company amounted to 19.753 million manat, increasing by 54.3 per cent and capital and liabilities as a whole - 27.167 million manat, increasing by 46.38 per cent.
The company's revenues last year amounted to 42.64 million manat with expenses at 40.23 million manat. The company completed 2012 with a net profit of 2.414 million manat.
The AzərSığorta State Insurance Company was created in 1992 on the basis of the former Office of State Insurance and has 80 insurance agencies in all cities and regions of the republic.
The official exchange rate on March 29 is 0.7848 AZN / USD.