Baku, Azerbaijan, July 21
By Azad Hasanli – Trend:
Profit of Azerbaijan’s Qala Life insurance company exceeded 1.1 million manats om 1H17, according to the company’s balance sheet.
According to the report, the company’s revenues totaled 18.7 million manats, and expenditures – 17.6 million manats in the period.
A major part of Qala Life’s revenues was received from insurance premiums (8.76 million manats) and the increased insurance reserves (8.59 million manats). Meanwhile, the company earned 1.37 million manats from its investments.
Moreover, a big part of expenditures accounted for the payment of claims (11.36 million manats) and administrative expenses (2.97 million manats).
During the period, assets of the insurance company decreased by 11.5 percent to 40.46 million manats. Meanwhile, the company reduced its liabilities from 27.98 million manats to 21.63 million manats in 1H17. Insurance reserves (19.13 million manats) are the basis of Qala Life’s liabilities.
Qala Life insurance company has been operating in Azerbaijan since 2010 and is one of the country’s three companies which render life insurance services.