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)

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Follow the author on Twitter: @1nasirzade

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