Azerbaijan’s biggest life insurance company increases assets

Baku, Azerbaijan, April 2

By Anvar Mammadov - Trend:

The assets of PASHA Life, Azerbaijan’s biggest life insurance company, grew 26.3 percent to 207.89 million manats in 2017, according to the company’s financial report for last year.

For comparison: the company’s assets amounted to 164.62 million manats in 2016.

About 83.7 percent of assets (174 million manats) of the insurance company last year accounted for short-term assets, and 16.3 percent (33.88 million manats) accounted for long-term assets.

In the reporting period, 60.3 percent (104.9 million manats) of short-term assets of the insurance company accounted for cash and cash equivalents, 12 percent (20.95 million manats) - for accounts receivable, 24 percent (41.75 million manats) - for short-term financial assets. The share of reinsurers in insurance reserves amounted to 1.39 million manats. The remaining part accounted for other short-term assets.

According to the report, 96.2 percent, or 32.57 million manats of the company’s long-term assets was invested in long-term financial assets (non-government securities). The remaining part of the long-term assets accounted for investments in land, buildings and equipment, real estate, intangible and other assets.

The insurance company completed 2017 with a net profit of 13.07 million manats, which is 26.4 percent less than in 2016 (17.77 million manats).

Last year, the company’s revenues amounted to 124.15 million manats, while insurance premiums accounted for 152.7 million manats. Expenses of the insurance company in the reporting period exceeded 107.22 million manats, and insurance payments amounted to 58 million manats.

At the end of 2017, the charter capital of the insurance company amounted to 40.25 million manats, and the company’s aggregate capital amounted to 57.45 million manats.

(1.7 manats = 1 USD on April 2)