Azerbaijani insurance market’s leader increases assets by nearly 28 percent
Baku, Azerbaijan, March 28
By Abbas Akhundov - Trend:
Assets of the Azerbaijani insurance company Pasha Sigorta, amounted to 77.35 million manat based on the performance in 2013 compared to 60.5 million manat at the beginning of the year which is an increase of 27.8 percent, according to the company's balance sheet, posted on the local media on March 28.
The financial statements of the company were audited by Kaspian Audit Kompani LLC.
The long term assets of the company amounted to 13.55 million manat at the end of 2013 and the short term assets were 63.8 million manat, according to the balance sheet.
In 2013, the company accumulated 44.48 million manat in cash and cash equivalents, including 41.3 million manat in debit accounts and 3.07 million manat in deposit accounts.
The paid -up authorised capital of the Pasha Sigorta stood at 40 million manat in 2013, compared to 35.5 million manat in 2012. The company ended 2013 with a net profit of 6.61 million manat.
The aggregate capital of the company was 47.14 million manat at the end of the last year increasing by 21.78 percent compared to 2012. The aggregate liabilities of the company stood at 30.22 million manat an increase of 38.56 percent.
The company's revenues on the results of last year amounted to 57.59 million manat and expenditure stood at 49.68 million manat.
Pasha Sigorta is a member of Pasha Holding. It offers 30 types of insurance services to corporate and individual clients. Pasha Sigorta is the leader of the national insurance market in terms of capitalisation and one of the leading insurers and reinsurers in Azerbaijan.
Official exchange rate on March 28 is 0.7843 AZN/USD
Translated by S.I.
Edited by S.M.