Decrease in net loss of Azerbaijan’s Ateshgah insurance company
Baku, Azerbaijan, Sept. 3
By Kamala Mammadli – Trend:
The net loss of the Azerbaijani insurance company Ateshgah as of January 1, 2019 amounted to 770,375 manats, which is 33.4 percent less than the same period last year, Trend reports referring to the company’s financial report.
Over the reporting period, company income increased by 3.5 percent and amounted to 40.964 million manats. Revenues were provided mainly through insurance fees in the amount of 36.832 million manats.
The funds allocated to change the net insurance reserves amounted to 2.049 million manats while investment income made up 441,613 manats (increase of 8.96 percent).
During the reporting period, Ateshgah’s expenses increased by 2.8 percent to 41.734 million manats. Operating expenses increased by 9.2 percent to 26.718 million manats, among which insurance payments amounted to 20.082 million manats. The cost of reinsurance payments amounted to 5.357 million manats.
The cost of conducting insurance business over the past year amounted to 13.132 million manats.
As a result, the company’s net loss for the reporting period amounted to 770,375 manats.
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