Assets of Azerbaijani AXA MBASK insurance company decrease slightly
Baku, Azerbaijan, March 31
By Emin Aliyev - Trend:
Assets of the Azerbaijani insurance company - AXA MBASK OJSC amounted to 25.33 million manat based on its performance in 2013 compared to 25.78 million manat at the beginning of the year which is an increase of 1.75 percent, according to the company's balance sheet, posted on the local media.
The financial statement of AXA MBASK was audited by the auditor of the MAK Azərbaycan Ltd, Nail Seyfulla.
The long term assets of the company amounted to 7.19 million manat at the end of 2013 and the short term assets were 18.14 million manat, according to the balance sheet.
In 2013, the company accumulated 13.45 million manat in cash and cash equivalents, including 0.94 million manat in debit accounts and 12.44 million manat in deposit accounts.
The paid -up authorized capital of AXA MBASK OJSC stood at 8.73 million manat in 2013, which was the same as 2012.
The aggregate capital of the company was 10.47 million manat at the end of the last year increasing by 1.36 percent compared to 2012. The aggregate liabilities of the company exceeded14.86 million manat and capital and liabilities as a whole were 25.33 million manat compared to 25.78 million manat at the beginning of the year.
The company's revenues on the results of last year amounted to 20.98 million manat and expenditure stood at 20.94 million manat. The company completed 2013 with a net profit of 29.450 manat.
In October 2010 the principal shareholder of MBASK was changed. The control packet (51 per cent) was purchased by AXA Group (France) via its affiliated company AXA Sequros Generales, S.A, De Sequros Y Reasequros (Spain). The licence for MBASK was renewed for AXA MBASK in connection with changing the company's name on December 7, 2010.
The official exchange rate on March 31 is 0,7843 AZN / USD.
Translated by S.I.