Azerbaijani insurance company makes large investments
Baku, Azerbaijan, July 9
By Kheyraddin Nasirzade - Trend:
In 2018, Azerbaijan's Xalq Insurance made 15 million manats of investments in order to participate in shares of other companies, Trend reports referring to the insurance company.
The company's total assets last year increased by 11.4 percent and amounted to 58.95 million manats. In the asset structure, long-term financial assets soared by 81.3 percent up to 11.18 million manats, of which government securities amounted to 10.88 million manats.
Moreover, the largest share of cash and their equivalents decreased by 44.5 percent to 22.624 million manats, among which the volume of deposits fell by almost half to 19.56 million manats.
The share of reinsurers in insurance reserves increased by 15.2 percent to 638,779 manats. Other short-term assets increased by 21 percent and reached 80,915 manats.
The total liabilities over the past year increased by 56.5 percent and amounted to 10.48 million manats. In the structure of liabilities, insurance reserves increased by 46.8 percent to 9.301 million manats.
Long-term payables at the end of last year amounted to 571,700 manats, which did not exist at the beginning of the year. Debts on reinsurers increased by 90 percent and reached 444,544 manats. Short-term accounts payable amounted to 23.462 manats. Other short-term liabilities did not change in 2018 and amounted to 38.966 manats.
The total capital in 2018 increased by 4.9 percent and reached 48.47 million manats. The authorized capital increased by 3.3 percent, up to 46.187 billion manats. Retained earnings increased by 51.1 percent and reached 2.283 million manats.
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