Assets of Azerbaijan's sole reinsurance company increase by almost 20%
Baku, Azerbaijan, March 31
By Abbas Akhundov - Trend:
Assets of the Azerbaijani sole reinsurance company - AzRe Tekrarsıgorta JSC, amounted to 69.298 million manat based on its performance in 2013 compared to 58.16 million manat at the beginning of the last year which is an increase of 19.15 percent, according to the company's balance sheet, posted on the local media.
The financial statement of the company was audited by the independents auditors: CACS Audit LLC director - Valid Huseynov and Azad Sadikhov.
The long term assets of the company amounted to 4.751 million manat at the end of 2013 and the short term assets were 64.547 million manat, according to the balance sheet.
In 2013, the company accumulated 4.43 million manat in cash and cash equivalents, including 27.93 million manat in deposit accounts and 1.25 million manat in debit accounts.
In 2013, long-term non-governmental securities amounted to 4.43 million manat, short term - 2.5 million manat, some 52.53 million manat accumulated in cash and cash equivalents including 41.09 million manat in deposit accounts, 11,415 manat in debit accounts.
The paid -up authorized capital of AzRe Tekrarsıgorta JSC stood at 40 million manat in 2013,
which was the same as 2012. The company completed 2013 with a net profit of 5.81 million manat.
The aggregate capital of the company was 47.334 million manat at the end of the last year increasing by 1.7 percent compared to 2012. The aggregate liabilities of the company stood at 21.96 million manat an increase of 88.82 percent.
The company's revenues on the results of last year amounted to 33.25 million manat and expenditure stood at 25.846 million manat.
The first Azerbaijani reinsurance company AzRe received a license from Azerbaijan's Ministry of Finance on Nov. 7, 2007. The company's shareholders are six physical entities.
The company renders non-life insurance services both to local and regional insurance and reinsurance companies and reinsurance intermediaries, in particular, on property insurance, construction assembly risks, insurance of water, air and road vehicles, cargo insurance, insurance against accident, liability and financial risks.
The official exchange rate on March 31 is 0.7843 AZN / USD.
Translated by S.I.
Edited by C.N.