Azerbaijani insurance company increases net profit
Baku, Azerbaijan, Sept. 3
By Kamala Mammadli - Trend:
As of Jan. 1, 2019, the net profit of Azerbaijan’s insurance company Ateshgah Life amounted to 6.604 million manats, which is by 37.8 percent more than in the same period last year, Trend reports citing the company’s financial report.
During the reporting period, the insurance company’s revenues decreased 2.2 times to 31.618 million manats. Revenues were generated mainly from insurance fees in the amount of 60.104 million manats, 31.728 million manats of which were allocated to change net insurance reserves.
Investment income amounted to 2.708 million manats (a decrease of 3.73 percent).
During the reporting period, expenses of Ateshgah Life decreased by almost three times and amounted to 23.363 million manats. Operating expenses decreased almost 3.5 times to 16.614 million manats, including insurance payments of 14.740 million manats. The cost of reinsurance payments amounted to 758,752 manats.
The cost of conducting insurance business over the past year amounted to 6.535 million manats.
As a result, the profit of Ateshgah Life for the reporting period amounted to 8.255 million manats. After deducting income tax of 1.651 million manats, net profit amounted to 6.604 million manats.
($1= 1.7 manats on Sept. 3)