Baku, Azerbaijan, Aug. 28
By Anvar Mammadov - Trend:
Azerbaijani company Mega Insurance completed 1H2018 with a profit of 2.53 million manats, the balance sheet of the company, published on Aug. 28 on the "Electronic Disclosure System" reads.
The company's revenues in 1H2018 amounted to almost 14.83 million manats, which were mainly provided by insurance fees (15.01 million manats). The investment income of the company exceeded 771,420 manats. In 1H2018 the company also assigned 1.42 million manats to create insurance reserves.
The expenses of Mega Insurance reached 11.67 million manats during the reported period: operating expenses - 10.09 million manats (including insurance payments of 1.51 million manats), expenses for conducting business - 1.56 million manats, other expenses - 7,140 manats).
The company's assets, since the beginning of 2018, increased by 17.7 percent, to 41.79 million manats. At the same time, most of the assets (30.1 percent, or 12.58 million manats) are concentrated in cash and cash equivalents.
During the reported period, the insurance company invested 40,650 manats in land, buildings and equipment. As a result, at the end of 1H2018, funds invested in land, buildings and equipment reached 370,880 manats.
During the first half of 2018, the company did not invest in intangible assets. In total, Mega Insurance has intangible assets at the amount of 211,170 manats.
Some 9.28 million manats of the company are concentrated in government securities. The receivables of Mega Insurance as of June 30, 2018 reached 848,710 manats.
The company's liabilities at the end of 1H2018 exceeded 20 million manats. This figure was 9.85 million manats at the beginning of 2018.
The largest share in the structure of liabilities is occupied by insurance reserves - 14.65 million manats. This figure has increased by 70.9 percent since the beginning of 2018. The company's liabilities for reinsurance operations amounted to 4.84 million manats compared to 836,900 manats at the beginning of 2018. Accounts payable amounted to 561,190 manats (375,640 manats in early 2018).
The company's share capital remained at the level of 14.5 million manats.
Mega Insurance JSC started operating on October 1, 2010. In 2012, the company received an unlimited license to carry out insurance activities in Azerbaijan.
(1.7 manats = $1 on Aug. 28)
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