Baku, Azerbaijan, Mar. 31
By Anvar Mammadov – Trend:
Net profit of the Azerbaijani company Xalq Insurance was 5.33 million manats in 2016, or 22.1 percent less than in 2015, said the company’s financial report for 2016.
The company’s revenues amounted to 18.26 million manats, 9.83 million manats of which accounted for insurance premiums, according to the report.
In 2016, expenditures of Xalq Insurance exceeded 11.58 million manats and payment of claims amounted to 6.54 million manats.
The company’s assets increased by 4.1 percent in 2016 to reach 54.14 million manats, the report said.
A major part of the assets, 87.6 percent or 47.44 million manats, were short-term assets, while 12.4 percent or 6.7 million manats accounted for long-term assets.
During the period, 92 percent (43.66 million manats) of short-term assets accounted for deposit accounts and 6.7 percent (3.17 million manats) – for receivables.
A significant part (83.7 percent or 5.61 million manats) of the company’s long-term assets accounted for financial assets, 11.4 percent or 765,480 manats –intangible assets and 4.9 percent or 322,540 manats – land assets, buildings and equipment.
Xalq Insurance’s actuarial reserves totaled 9.23 million manats in 2016, 18.2 percent less than in 2015.
In 2016, the company’s authorized capital was 39.39 million manats, which is 21.1 percent more than in 2015. The aggregate capital of Xalq Insurance was 44.76 million manats in 2016.
Xalq Insurance OJSC was established in 2005.