Azerbaijani insurance company increases net profit by over 62%

Business Materials 29 March 2019 18:35 (UTC +04:00)

Baku, Azerbaijan, March 29

By Kheyraddin Nasirzade - Trend:

Pasha Life Insurance increased net profit by 62.6 percent to 21.26 million manats in 2018, Trend reports referring to the company.

The payment of income taxes rose by 42.6 percent, and amounted to 5.5 million manats. Total capital increased by 7.2 percent and reached 61.6 million manats.

Total assets of the company amounted to 346.8 million manats, which is 66.8 percent more than the figure in the previous year. In the asset structure, long-term financial assets amounted to 195.11 million manats, short-term financial assets - 5.3 million manast, cash - about 130 million manats, and accounts receivable amounted to 9.6 million manats, land ownership and real estate, equipment and investment in real estate - 1.14 million manats.

Over the past year, the company's liabilities increased by 89.6 percent, reaching 285.2 million manats, of which insurance reserves amounted to 277.3 million manats, and accounts payable - 5.5 million manats.

The fees of the company amounted to 264.9 million manats, and payments - 71.05 million manats.

In 2018, the total volume of the life insurance market in Azerbaijan amounted to 340.99 million manats, which is 61.58 percent more compared to the same period of 2017. Payments of companies for all types of life insurance amounted to 98.12 million manats, or almost 40.83 percent of all payments in the market.


Follow the author on Twitter: @1nasirzade