Assets of Azerbaijani Revan Sigorta insurance company increase by more than 60%

Business Materials 31 March 2014 11:34 (UTC +04:00)

Baku, Azerbaijan, March 31

By Emin Aliyev - Trend:

The assets of Azerbaijani insurance company - Revan Sigorta JSC amounted to 18.42 million manat on the results of activity in 2013 compared to 11.38 million manat at the beginning of the year, increasing by 61.86 percent, according to the company's balance sheet, posted on the local media on March 29.

The financial statements of the company were audited by independent auditor A.Musayev.

The long-term assets of the company amounted to 1.13 million manat at the end of 2013, and short-term assets - 17.3 million manat, according to the report.
In 2013, the company accumulated 15.26 million manat in cash and cash equivalents, including 10.35 million manat on current account, and 4.57 million manat - deposit accounts.

The paid-up authorized capital of Revan Sigorta stood at 8.9 million manat in 2013, which exceeds the indicator in 2012 by 2.3 times, amounting to 4 million manat.

The company's aggregate capital amounted to 12.1 million manat by the end of last year, increasing by almost half compared to 2012 (92.5 percent).

The aggregate liabilities of the company amounted to 6.33 million manat, and capital and liabilities as a whole - 18.42 million manat, compared to 11.38 million manat at the beginning of the year increasing by 61.86 percent.

The company's revenues amounted to 4.25 million manat last year with expenses at 3.23 million manat. The company completed 2013 with the net profit of 822.240 manat.

Insurance company Revan Sigorta (formerly JSC Star Alyans Sigorta) has operated in the Azerbaijani market since 1998. In 2007 Ifsen group sold it to Nurgun Sirketler Qrupu.
Revan Sigorta renders 19 voluntary insurance services.

Official exchange rate on March 29 is 0.7843 AZN / USD.

Translated by S.I.
Edited by C.N.