Azerbaijani insurance company increases net profit by almost 15%

Baku, Azerbaijan, April 22

By Kheyraddin Nasirzade - Trend:

Ipek Yolu Insurance, an Azerbaijani insurance company, completed the 1Q2019 with a net profit of about 575,000 manats, which exceeds the figures in the 1Q2018 by 14.76 percent, Trend reports referring to the company.

The company's assets increased by 17.4 percent compared to the 1Q2018, and reached 50.08 million manats.

In the structure of the company's assets, investments in real estate and equipment increased by 63.4 percent and amounted to 167,200 manats. Capitalization of costs associated with land, buildings and equipment decreased by 86.6 percent to 15,000 manats. Intangible assets decreased by 17.1 percent to 153,700 manats. Investment in securities increased by 50 percent, and thus, reached about 1.5 million manats.

The company's reserves increased by 51.6 percent, and amounted to 6,500 manats. In the meantime, accounts receivable decreased by 16 percent to 15.47 million manats. The company's cash decreased by 11.2 percent to 12.5 million manats. The share of reinsurers in insurance reserves increased by almost 2.7 times, and reached 19.6 million manats. Other assets remained unchanged and equaled to 600,000 manats.

Obligations of the company increased by 77.7 percent to 27.26 million manats. Insurance reserves increased 2.2 times, and reached 21.61 million manats. The preventive measures fund accumulated funds amounting to 88,800 manats, which was not observed in last year’s figure.

The company's deferred tax liabilities amounted to 1.04 million manats, which was also not observed last year. Reinsurance obligations decreased by 16.6 percent to 4.5 million manats. Creditor liabilities decreased by 52.5 percent and amounted to 65,300 manats.

The company's capital decreased by 16.5 percent and equaled to 22.82 million manats.

(1 USD = 1.7 AZN on April 22)


Follow the author on Twitter: @1nasirzade

Subscribe to Trend in Google News! Subscribe
SOCAR Energy Ukraine’s fuel sales returning to pre-crisis level
SOCAR Energy Ukraine’s fuel sales returning to pre-crisis level
New urgent talks needed with Azerbaijan if IGB is delayed – Bulgargaz
New urgent talks needed with Azerbaijan if IGB is delayed – Bulgargaz
Azerbaijan shares data on volume of mortgage lending
Azerbaijan shares data on volume of mortgage lending
Loading Bars
Number of Turkish jobseekers in Uzbekistan revealed for 2021
Turkey sees increase in number of real estate purchased by Kazakh citizens in 2021
Number of Turkish jobseekers in Kazakhstan drops in 2021
SOCAR Energy Ukraine’s fuel sales returning to pre-crisis level
Easing of budget policy in Kazakhstan may weaken national currency - forecast
Georgia publishes COVID-19 data for January 17
New urgent talks needed with Azerbaijan if IGB is delayed – Bulgargaz
Azerbaijan shares data on volume of mortgage lending
Real estate prices in Azerbaijan expected to grow - expert
Iran eyes new money transfer methods in trade with Russia
Iran launches Car Tax Collection website
Goyal assures full support to IT firms in pushing growth, exports to $1 trn
India's vaccination drive completes 1 yr, Centre launches stamp
Iran's Energy Exchange announces products to be on sale on January 17
Azerbaijani currency rates for January 17
Weekly review of Azerbaijani oil market
Azerbaijan records increase in industrial production for 2021
India Inc expects 2022 to be growth wear
India’s tourism gets a huge push at Expo 2020 Dubai
Iranian currency rates for January 17
Khizi-Absheron wind farm to allow Azerbaijan to increase export of gas - expert
Iran shares data on power generation capacity of HPPs
Kazakh Gas Processing Plant opens tender to buy pumping unit
Investments in Azerbaijan's fixed capital down in 2021
Direct flights launched between Gabala and Moscow (PHOTO/VIDEO)
Weekly review of Azerbaijani currency market
Georgia shares data on tea imports, exports
Iran records decrease in dam water reserves
Iran unveils volume of olives harvested in country
IRICA shares data on Iran’s trade turnover with Azerbaijan
Australia recognizes Russia’s Sputnik V vaccine against COVID-19
Uzbekistan shares domestic COVID-19 data for January 16
Iran sees increase in transit of goods by trucks
Iran shares data on export-import process, movement of trucks via Astara border checkpoint
Azerbaijan sees increase in employment figures
Buy/sell operations at Iran Mercantile Exchange down
One year of vaccination drive: Near 158-cr jabs administered in India
India's 1st S-400 unit to be ready by April, 4 others by 2023
Israel increases state aid plan for COVID-hit airlines
Weekly review of Azerbaijani precious metals market
Weekly review of key events in Azerbaijan's ICT sector
Iran to save money following construction of new pipeline – NIORDC
Oil extends rally on supply tightness, Brent at more than 3-year high
Number of passenger planes flying over Iranian airspace increase
China launches new satellite
Azerbaijani MoD confirms death of active duty military serviceman
Israel registers 27,167 new COVID-19 cases, 1,785,551 in total
India's gold imports jump over two-fold to $38 bn in Apr-Dec 2021
Number of participants of illegal actions detained in Almaty increased to 2,6 thousand people
Turkey registers 54,100 daily COVID-19 cases
Eight of 10 most valued firms add Rs 2.34 trn in m-cap
N.Korea fires two ballistic missile from Pyongyang airport, S.Korea says
PM Narendra Modi calls for innovating for India, from India
Vessel traffic in Bosphorus restored
UK's Johnson plans to scrap COVID-19 self-isolation law
Jaishankar, Rajapaksa discuss energy projects, credit lines
Tsunami advisory canceled for Bay Area in U.S. California
Volkswagen to step up EV production in China
Let’s talk stress-free exams: PM Narendra Modi on ‘Pariksha Pe Charcha’
Djokovic flies out of Australia after losing court appeal
Vaccination added great strength to fight against Covid: Indian PM
Azerbaijan's patience not unlimited: on demarcation of borders and Armenia's attempts to play for time
French parliament approves vaccine pass
Speaker of Montenegrin Parliament arrives on official visit to Azerbaijan (PHOTO)
Erdogan visits Albania in first trip abroad in 2022
COVID-19: new 900 cases registered in Uzbekistan
$2.7b of goods exported to Persian Gulf regional countries: Iran's official
India’s stance on Nepal boundary well known, consistent & unambiguous: Embassy
Oil India exits US shale venture, sells 20% stake for $25 million
Construction of new road and tunnel near Georgian-Russian border will be completed by 2024
Dutch FMO reveals details of investing in Uzbekistan's economy, ties with banks
Nearly 150 civilians, over 10 law enforcers killed in riots in Almaty
Delhi weekend curfew, restrictions helped mitigate Covid spread: Health Minister
Over 1,300 weapons stolen during riots in Almaty
Gunmen kill more than 50 in Nigeria's northwest, residents say
Magnitude 5.3 earthquake shakes western Turkey's Gokceada
Iran’s Bahar Azadi gold coin price continues to fall
How women health workers took India’s Covid vaccination programme to remote corners
Azerbaijan’s self-sufficiency in wheat reaches 60%
Iran discloses volume of citrus fruits to be harvested in country
Azerbaijan shares data on number of vaccinated citizens
Azerbaijan confirms 808 more COVID-19 cases, 369 recoveries
PCR test requirement for flights continues
Azerbaijani Mortgage and Credit Guarantee Fund sets limits for preferential mortgage loans by banks in 2022
Azerbaijan discloses GDP growth for 2021
Weekly review of main events of Azerbaijani financial market
Child killed, 4 wounded in roadside bomb blast east of Afghan capital
Iran reveals COVID-19 data for January 16
Weekly review of main events in Azerbaijani transport sector
Iran eyes increase in trade turnover with Russia
Azerbaijani MFA comments on Armenian side’s allegations about alleged "pogroms"
Azerbaijan’s economy growing sustainably
Jordan army officer killed in shooting along border with Syria
Over 139 mln coronavirus vaccine shots given in Turkey to date
Iran's Energy Exchange announces products to be on sale on January 16
Azerbaijan is of great regional and global importance - American Jewish Committee
Azerbaijani Defense Ministry presents weekly review (VIDEO)
Georgia publishes COVID-19 data for January 16
National Bank of Georgia shares data on liabilities to non-residents
Kyrgyzstan logs 874 new COVID-19 cases
All news