Azerbaijani insurer completes first year of operation with a slight loss

Business Materials 29 March 2013 18:27 (UTC +04:00)

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

Assets of Azerbaijani Insurance Company "Royal Sığorta" based on performance in 2012 amounted to 5.503 million manat compared to 5.5 million manat at the beginning of the year. This is an increase of 0.05 percent, according to the company's balance sheet published in the official press on Friday.

The company's financial statements were audited by the independent auditor K.Aliyev.

According to the report, long-term assets of the company by the end of 2012 amounted to 21.8 million manat, short-term assets - 5.48 million manat.

In 2012, the company accumulated 5.478 million manat in cash and cash equivalents.
The paid-up share capital of Royal Sığorta stood at 5.5 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 company's revenues last year amounted to 39,000 manat, expenses - 81,000 manat. The company completed 2012 with a loss of 42,000 manat.

Royal Sığorta was registered on October 11, 2011. The State Insurance Supervision Service under the Ministry of Finance issued a five-year license for insurance activity to Royal Sığorta on December 28, 2011.

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