Baku, Azerbaijan, Sept. 3
By Kamala Mammadli – Trend:
The net profit of the Azerbaijani insurance company Qala Life for the first half year amounted to 1.229 million manats, which is 56.9 percent more than the same period in 2018, Trend reports referring to the company’s financial report.
Over the reporting period, the income of the insurance company decreased by 60.9 percent, or 5.798 million manats, and amounted to 9.525 million manats. Revenues were provided mainly through insurance fees in the amount of 6.006 million manats (decrease of 24.6 percent).
Funds allocated for changing the net insurance reserves amounted to 2.792 million manats, while investment income made up 726,021 manats.
During the reporting period, Qala Life's expenses experienced an almost twofold decrease down to 8.296 million manats. Operating expenses decreased by half to 5.719 million manats, among which insurance payments amounted to 3.614 million manats. The cost of reinsurance payments amounted to 1.767 million manats.
The costs of conducting insurance operations for the first half of the year amounted to 2.547 million manats.
As a result, net profit for the reporting period amounted to 1.229 million manats.
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