Azerbaijani insurance company completes 1H19 with profit
Baku, Azerbaijan, Aug. 24
By Kamala Mammadli - Trend:
Azerbaijani insurance company Ipek Yolu has completed the first half of the year with a profit of 1.143 million manats, Trend reports with reference to the insurance company’s financial report.
Total income amounted to 14.535 million manats, which is 56.7 percent more than in the same period last year. In the structure of the company’s operating income, which amounted to 13.647 million manats, the major part (63 percent) accounted for insurance fees in the amount of 8.588 million manats. The remaining amount was distributed between the share of reinsurers in insurance payments in the amount of five million manats and the commission on reinsurance contracts in the amount of 27,700 manats.
Insurance reserves amounted to 262,400 manats. Investment income amounted to 256,500 manats. Subrogation income stood at 4,900 manats, other income – at 363,700 manats.
Compared to the same period in 2018, the company’s total expenses increased by 64.2 percent to 13.39 million manats, of which the share of operating expenses amounted to about 55 percent.
Among operating expenses, insurance payments amounted to five million manats, returned insurance premiums – 407,800 manats, regulatory expenses – 10,371 manats, expenses related to reinsurance - 6.969 million manats, deductions to the preventive measures fund – 10,371 manats, other expenses - 43.1 manats.
The cost of doing business of the company amounted to 936,000 manats.
($1= 1.7 manats on Aug. 24)
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