Azerbaijani insurance company A-Qroup to continue increasing capital in 2013

Business Materials 1 July 2013 15:55 (UTC +04:00)

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

Azerbaijani insurance company A-Qroup will direct nearly one million manat to increase the authorised capital this month, chairman of the company's board Anar Bayramov told Trend.

According to him, the company increased its capital to 5.4 million manat in April. The programme for the company's development provides for a further increase of capital.

"We expect a new capitalisation schedule from the Ministry of Finance to raise the capital," Bayramov said.

Earlier, the Ministry of Finance announced plans to increase the capital requirement for insurance companies from five to 10 million manat in the coming years.

The A-Qroup Insurance Company was established in 1995. It renders services under 14 types of voluntary insurance. It is the only insurance company selected by the International Finance Corporation (IFC) in the second phase of a pilot programme to improve corporate governance. Earlier this year, the company's compliance with international quality standard ISO 9001 was once again confirmed.

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