Significant increase in assets of Azerbaijan’s Revan Insurance
Baku, Azerbaijan, Sept. 4
By Kamala Mammadli - Trend:
The assets of the Azerbaijani insurance company Revan Insurance for 2018 amounted to 15.122 million manats, having increased by 6.3 percent over the year, Trend reports referring to the company’s financial report.
The majority of company assets (62.7 percent, or 9.478 million manats) for the reporting period were comprised of short-term assets, which increased by 18.9 percent compared to the previous year. Long-term assets amounted to 5.643 million manats, having decreased by 10.9 percent.
In the structure of short-term assets over the indicated period, 53.4 percent (5.058 million manats) accounted for accounts receivable and 45.9 percent (4.353 million manats) for cash and cash equivalents. The share of reinsurance in insurance reserves amounted to 1.412 million manats with a nearly halved reduction.
According to the report, 55.4 percent, or 3.124 million manats, of the company’s long-term assets accounted for land, buildings and equipment, while 18.03 percent accounted for financial assets.
In the reporting period, the company’s charter capital remained unchanged and amounted to 8.9 million manats. The total capital of Revan Insurance increased by 1.5 percent, up to 12.692 million manats.
Moreover, total liabilities for the reporting period increased by 40.5 percent and amounted to 2.429 million manats. Most of the liabilities were comprised of long-term liabilities in the amount of 2.290 million manats. The company’s short-term liabilities over the past year amounted to 139,664 manats.
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