Asset growth of Azerbaijani Standard Insurance exceeds 28 per cent

Business Materials 29 March 2013 15:13 (UTC +04:00)

Azerbaijan, Baku, 29 March / Trend A.Akhundov /

Assets of Azerbaijani Insurance Company "Standard Insurance" based on performance in 2012 amounted to 25.056 million manat compared to 19.517 million manat at the beginning of the year. This is an increase of 28.38 per cent, according to the balance sheet of the company published on Friday in the official press.

The company's financial statements were audited by G&A Auditor Firması LLC.

Long-term assets of the company at the end of 2012 amounted to 6.98 million manat, increasing by 31.7 per cent, short-term assets - 18.074 million manat with annual growth of 27.15 per cent.

In 2012, the company accumulated 13.42 million manat in cash and cash equivalents, including deposit accounts of 4.425 million manat, current accounts - 8.81 million manat.

The paid-up share capital of Standard Insurance stood remained unchanged at the level of 11 million manat. The company's aggregate capital at the end of last year amounted to 11.43 million manat, down to 12.03 per cent compared to 2011.

The aggregate liabilities of the company amounted to 13.63 million manat, increasing by half, and capital and liabilities as a whole - 25.056 million manat, increasing by 28.38 per cent.

Last year, the company's revenues amounted to 17.15 million manat, expenses - 18.55 million manat. The company completed 2012 with a loss of 1.398 million manat.

One of the largest insurance companies in Azerbaijan, Standard Insurance, has been operating on the market since 2002. The company provides 28 types of insurance services.

The official exchange rate on March 29 is 0.7848 AZN / USD.