Azerbaijan’s state insurance company to raise capital

Business Materials 1 July 2013 13:58 (UTC +04:00)

Azerbaijan, Baku, July 1 / Trend A.Akhundov /

The Azerbaijani State Insurance Commercial Company AzərSığorta intends to direct its profit for increasing its share capital, first deputy chairman of the company's board Aftandil Hajiyev told Trend on Monday.

"Today, the company's share capital stands at 5.5 million manat. We will take a decision on the next increase of capital at the end of this year, when it will be known how much profit we have," Hajiyev said.

The company completed 2012 with a net profit of 2.414 million manat.

The State Insurance Company AzərSığorta was created in 1992 on the basis of the former Office of Public Insurance. It has 80 insurance agencies in all cities and districts of the republic.

The official exchange rate on July 1 is 0.7845 AZN / USD.