Azerbaijan’s PASHA Insurance increases net profit

Finance Materials 2 September 2019 14:47 (UTC +04:00)

Baku, Azerbaijan, Sept. 2

By Kamala Mammadli - Trend:

The net profit of the Azerbaijani insurance company PASHA Insurance for 2018 amounted to 22.416 million manats, having increased by 71.2 percent compared to the previous year, Trend reports referring to the company's financial report.

Over the reporting period, the income of the insurance company increased by 20.3 percent or 22.667 million manats, having amounted to 134.364 million manats. Revenues were provided mainly from insurance fees in the amount of 124.773 million manats (increase of 18.9 percent).

Reinsurance fees amounted to 3.233 million manats, while commission fees amounted to 1.499 billion manats. The share of reinsurers in revenues amounted to 1.237 million manats.

Funds allocated for changing net insurance reserves (positive or negative) amounted to 9.153 million manats in the red. Investment income increased by 18.8 percent and amounted to 12.145 million manats.

During the reporting period, expenses of PASHA Insurance increased by 11.35 percent, amounting to 106.014 million manats. Operating expenses increased by 21.95 percent to 86.558 million manats, including insurance payments of 49.520 million manats. Costs of reinsurance payments increased by 43.85 percent to 35.954 million manats.

Costs related to conducting business operations over the past year amounted to 18.584 million manats.

As a result, the profit of PASHA Insurance amounted to 28.350 million manats. Net profit amounted to 22.416 million manats after the deduction of income tax of 5.934 million manats.

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