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Azerbaijani-Turkish insurance company increases assets by almost 14 per cent

Business Materials 7 April 2013 20:05 (UTC +04:00)
Assets of the Azerbaijani Bashak Inam Sigorta Shirketi Insurance Company based on performance in 2012 amounted to 8.8 million manat, or 13.7 per cent more than in 2011, according to the company's balance sheet published in the official press.
Azerbaijani-Turkish insurance company increases assets by almost 14 per cent

Azerbaijan, Baku, April 5 / Trend I.Khalilova /

Assets of the Azerbaijani Bashak Inam Sigorta Shirketi Insurance Company based on performance in 2012 amounted to 8.8 million manat, or 13.7 per cent more than in 2011, according to the company's balance sheet published in the official press.

The company's financial statements were audited by M&J Accuracy Consulting LLC's auditor Elchin Jafarov.

According to the report, the long term assets of the company at the end of 2012 amounted to 2.2 million manat (a 15.08 per cent growth), short term assets - 6.6 million manat (a 13.2 per cent growth).

The company's aggregate capital increased by 5.1 per cent from 6.33 million manat to 6.66 million manat. The authorised capital of Bashak Inam Sigorta Shirketi last year remained unchanged at six million manat.

The long term liabilities of the company amounted to 2.155 billion manat, short term 1.42 million manat and capital and liabilities as a whole 8.8 million manat.

The company's revenue last year totalled 3.24 million manat, including insurance payments of 3.37 million manat and reinsurance payments of 26.9 manat. The company's income from investments made 244,400 manat.

The company's expenses for 2012 amounted to 2.96 million manat including insurance benefits of 950,519 manat and reinsurance payments of 387,994 manat.
Net income for the last year amounted to 284.126 million manat whereas the company completed 2011 with a loss of 58.59 million manat.

In 2012, the company paid profit tax at 57,680 manat, income tax of 15,390 manat, property tax of 14,090 manat and mandatory payments of 4390 manat.

Bashak-Inam Sigorta Shirketi has been operating in the insurance market of the country since 1996. Some 19.95 per cent of its shares are owned by Zamin Bank, 48 per cent account for individuals, 17 per cent are owned by Groupama Sigorta A.Ş. (a Turkish subsidiary of one of the largest insurance companies in Europe Groupama), 8.5 per cent by Turanbank, six per cent - AzerTürkBank and less than one per cent accounts for the non-bank credit organisation Aqrarkredit.

The official exchange rate on April 5 is 0.7846 AZN / USD.

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