Azerbaijan’s Compulsory Insurance Bureau ends 2017 with profit

Business Materials 26 April 2018 09:46 (UTC +04:00)

Baku, Azerbaijan, April 26

By Anvar Mammadov - Trend:

The Compulsory Insurance Bureau (CIB) of Azerbaijan closed 2017 with the profit of 545,710 manats, the CIB's report on the results of last year said.

According to the report, this profit is 2.3 times more, compared to the same period of 2016.

The Bureau's revenues during the reporting period amounted to about 9.1 million manats and its expenses – to 8.55 million manats. All CIB revenues were generated from other non-commercial activities. In terms of expenditure, the bulk consisted of expenses for the disposal of long-term assets (3.82 million manats) and other expenses (3.59 million manats).

The CIB assets for the reporting period amounted to 36.07 million manats, an increase of 4.3 percent compared to the corresponding period of 2016. Regarding the assets, 62.1 percent or 22.41 million manats fell to non-current assets, and current assets amounted to 13,66 million manats.

The Bureau's liabilities grew by 14.4 percent year-on-year and amounted to 7.56 million manats.

The Bureau's Reserve Fund increased from 27.96 million manats to 28.51 million manats.

Members of the CIB are 16 insurance companies. A total of 21 insurance companies operate in Azerbaijan.

The official exchange rate as of April 25 is 1.7 AZN/USD.