Assets of Azerbaijani insurance company increase

Business Materials 2 April 2018 13:31 (UTC +04:00)

Baku, Azerbaijan, April 2

By Anvar Mammadov – Trend:

Assets of the Azerbaijan’s insurance company Qala Insurance totaled 15.05 million manats in 2017, which is 37.1 percent more than in 2016, according to the company’s balance sheet.

According to the balance sheet, 93.3 percent of the company’s assets accounted for short-term assets, which increased by 37.6 percent during the year and amounted to 14.04 million manats. Major part of short-term assets accounted for government securities, which increased by 2.3 times as compared to 2016 and amounted to 7.03 million manats. The share of reinsurers in insurance reserves totaled 3.56 million manats with an annual growth of 3.2 times.

Long-term assets of the company rose by 29 percent during the period and totaled 1.01 million manats. Major part of long-term assets (600,000 manats) accounted for other assets. Land, buildings and equipment accounted for 219,210 manats, and non-financial assets – 155,910 manats.

During the period, liabilities of Qala Insurance increased by 2.5 times – from 3.09 million up to 7.78 million manats. Major part of liabilities accounted for long-term liabilities, the volume of which increased from 1.68 million up to 6.58 million manats during the year. Short-term liabilities of the insurance company amounted to 1.2 million manats in 2017.

According to the balance sheet, Qala Insurance completed the previous year with a net loss of 618,910 manats. The company’s revenues totaled 10.66 million manats and expenses amounted to 11.28 million manats in 2017.

According to Azerbaijan’s Financial Market Supervisory Authority (FIMSA), insurance premiums of Qala Insurance amounted to 3.07 million manats and expenses totaled 178,000 manats in the first two months of 2018.

(1 USD = 1.7 AZN on April 2)