Assets of Azerbaijani Standard Insurance company decrease by almost 4%

Business Materials 31 March 2014 17:23 (UTC +04:00)

Baku, Azerbaijan, March 29

By Abbas Akhundov - Trend:

Assets of the Azerbaijani Standard Insurance JSC, amounted to 24.135 million manat based on its performance in 2013 compared to 25.056 million manat at the beginning of the year which is a decrease of 3.68 percent, according to the company's balance sheet, posted on the local media.

The financial statement of the company was audited by G&A Auditor Firması LLC.

The long term assets of the company amounted to 67.166 million manat at the end of 2013 and the short term assets were 24.135 million manat, according to the balance sheet.

In 2013, the company accumulated 11.912 million manat in cash and cash equivalents, including 7.084 million manat in currency accounts and 4.422 million manat in deposit accounts.

The paid -up authorised capital of Standard Insurance remained unchanged at 11 million manat in 2013.

The aggregate capital of the company was 12.21 million manat at the end of the last year increasing by 6.86 percent compared to 2012. The aggregate liabilities of the company stood at 11.925 million manat , a decrease of 12.5 percent.

The company's revenues on the results of last year amounted to 21.77 million manat and expenditure stood at 20.725 million manat. The company completed 2013 with a net profit of 1.043 million manat.

One of the largest insurance companies of Azerbaijan, Standard Insurance has been on the market since 2002. The company provides 28 types of insurance services.

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

Translated by S.I.