Azerbaijani insurance company increases assets 14-fold after changing shareholders

Business Materials 29 March 2013 18:19 (UTC +04:00)

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

Assets of Azerbaijani Insurance Company "Buta Sığorta", based on performance in 2012 amounted to 9.07 million manat compared to 0.659 million manat at the beginning of the year. This an increase of 13.76 times, according to the company's balance sheet published in the official press on Friday.

The financial statements of Buta Sığorta were audited by independent auditor Namik Abbasli.

Long-term assets of the company by the end of 2012 amounted to 1.532 billion manat, short-term assets - 7.54 million manat.

In 2012, the company accumulated 6.93 million manat in cash and cash equivalents, including deposit accounts of 5.7 million manat and 1.18 million manat of current accounts.
The paid-up share capital of Buta Sığorta stood at 7.3 million manat up to 2012 versus 0.8 million manat in 2011.

The company's aggregate capital by the end of last year amounted to 6.55 million manat, or by 15.78 times more than in 2011.

The aggregate liabilities of the company amounted to 2.5 million manat, and capital and liabilities as a whole - 9.07 million manat, increasing 13.76-fold.

The company's revenues last year amounted to 1.62 million manat, expenses - about two million manat.

According to the report, the company completed 2012 with a loss of 364,000 manat.

The company, formerly known as Temza Sığorta Qrupu, was renamed as Buta Sığorta JSC on July 26, 2012. The rebranding of the company was due to changes in the composition of the shareholders. The company now has six shareholders - the Bank of Baku, Baku Electronics, Baku Service Company, Auto Azerbaijan and Qafqaz Lizinq with a 19 percent stake each, and NAB Holding with a five percent participation.

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