Azerbaijan’s Standard Insurance completes 1H2016 with loss

Business Materials 6 August 2016 17:35 (UTC +04:00)

Baku, Azerbaijan, Aug. 6

By Anvar Mammadov – Trend:

Azerbaijan’s Standard Insurance OJSC completed the 1H2016 with a net loss of 1.98 million Azerbaijani manats (1.598 AZN/USD on Aug. 6), said the company’s balance sheet issued Aug. 6.

The company’s revenues amounted to 16.76 million manats during the period, and 12.52 million manats accounted for insurance charges. More than 2.41 million manats accounted for commissions from contracts ceded to reinsurance. The share of reinsurers in insurance payments totaled 1.52 million manats.

Expenditures of the company amounted to 18.74 million manats in 1H2016, while 4.2 million manats accounted for insurance payments.

Standard Insurance’s assets increased by 2.1 percent compared to early 2016 and totaled 26.49 million manats during the reporting period.

A major part of assets accounted for short-term assets, which increased by 0.5 percent since early 2016 and amounted to 20.07 million manats. Long-term assets increased by 7.5 percent and totaled 6.42 million manats.

Assets’ increase was accompanied by the growth of the company's liabilities. Thus, Standard Insurance’s liabilities increased by 19.8 percent during the period and amounted to 15.39 million manats.

The company’s authorized capital has remained unchanged in 1H2016 – at the level of 11 million manats. Aggregate capital of Standard Insurance decreased by 15.2 percent and amounted to 11.1 million manats.

Standard Insurance OJSC, one of the country’s biggest insurance companies, operates since 2002 in Azerbaijan. The insurance company is a member of Compulsory Insurance Bureau since Dec. 2011.