Azerbaijani insurance company's assets increase

Business Materials 2 April 2018 18:02 (UTC +04:00)

Baku, Azerbaijan, April 2

By Ilkin Shafiyev – Trend:

Assets of Azerbaijan's insurance company Azsigorta totaled 61 million manats in 2017, which is 544,600 manats more than in 2016, according to a balance sheet of the company for 2017, published in the Respublika newspaper.

According to the report, almost 88 percent of the company's assets accounted for short-term assets, which increased by 1.06 million manats during the year to 53.6 million manats. The short-term financial assets made up the bulk of the short-term assets, the volume of which increased by 16.7 percent during the reporting period and amounted to 18.7 million manats.

In 2017, the long-term assets of the company decreased by 6.4 percent to 7.4 million manats. The majority of the long-term assets (about 5 million manats) accounted for the long-term financial assets. Land plots, buildings and equipment accounted for 1.3 million manats and non-financial assets for about 700,000 manats.

During the period, Azsigorta's liabilities amounted to 31.1 million manats, recording an increase of 13.2 percent compared to the beginning of the year. The major part of the liabilities accounted for long-term liabilities, amounting to 30.8 million manats. Short-term liabilities amounted to 244,300 manats by the end of 2017.

Azsigorta completed 2017 with a net loss of 3.06 million manats. The company's revenues amounted to 31.3 million manats and expenses to 34.4 million manats, according to the report.

Azsigorta OJSC has been operating in the insurance market of Azerbaijan since 2006. The company has branches and representative offices in many regions of the country.

(1 USD = 1.7 AZN on April 2)