Baku, Azerbaijan, Aug. 31
By Anvar Mammadov – Trend:
Azerbaijan’s AXA MBASK insurance company had completed the first half of 2017 with a net loss of 445,200 Azerbaijani manats ($261,963, as of Aug. 31), according to the company’s balance sheet.
For comparison, the company had completed last year with the net profit of 403,710 manats.
The report said that, the company’s revenues amounted to 13.75 million manats in the first half of 2017 and 11.34 million manats accounted for the insurance premiums. Expenditures of AXA MBASK in the reporting period exceeded 14.19 million manats, 6.78 million manats of which accounted for payment of claims.
Assets of the company have decreased by 5.8 percent, as compared to late 2016 and have totaled 36.06 million manats, in the first half of 2017. A major part of assets (74.4 percent or 26.83 million manats) accounted for the short-term assets. Meanwhile, 25.6 percent of total assets (9.23 million manats) accounted for the long-term assets.
The authorized capital of AXA MBASK remained unchanged in the first half of 2017 and stood at 19.73 million manats.