Azerbaijani Rəvan Sığorta insurance company’s assets increase by nearly 20 percent

Business Materials 29 March 2013 18:05 (UTC +04:00)

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

Assets of Azerbaijani Insurance Company "Rəvan Sığorta" based on performance in 2012 amounted to 11.38 million manat compared to 9.58 million manat at the beginning of the year. This is an increase of 18.79 percent, according to the balance sheet of the company published in the official press on Friday.

The company's financial statements were audited by independent auditor A.Nuriyev.

According to the report, long-term assets of the company at the end of 2012 amounted to 0.53 million manat, short-term assets - 10.85 million manat.

In 2012, the company accumulated 9.15 million manat in cash and cash equivalents, including deposit accounts of 4.5 million manat and 3.74 million manat on current accounts.
The paid-up share capital of Rəvan Sığorta stood at four million manat up to 2012 and remained unchanged in comparison with 2011.

The company's aggregate capital by the end of last year amounted to 6.28 million manat, or 10 percent more than in 2011.

The aggregate liabilities of the company amounted to 5.1 million manat, and capital and liabilities as a whole - 11.38 million manat, or 18.79 percent more compared to 9.58 million at the beginning of the year.

The company's revenues last year amounted to 3.17 million manat, expenses - 2.69 million manat. The company completed 2012 with a net profit of 379,000 manat.

Rəvan Sığorta Insurance Company (formerly known as Star Alyans Sigorta JSC) operates on the Azerbaijani market since 1998. In 2007 it was sold to Ifsen group of Nurgun Sirketler Qrupu. Rəvan Sığorta renders services for 19 types of voluntary insurance.

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