Azerbaijani insurance company ends 2018 with profit
Baku, Azerbaijan, Sept. 4
By Kamala Mammadli - Trend:
Net profit of Azerbaijan’s insurance company Revan Insurance amounted to 227,071 manats for 2018, Trend informs citing the company's financial report.
The company completed 2017 with a net loss of 1.041 million manats, according to the report.
During the reporting period, the insurance company’s revenue fell by 36 percent to 1.569 million manats. Revenues were generated mainly from insurance fees in the amount of 1.758 million manats, 761,715 manats of which were allocated for changing net insurance reserves.
Investment income amounted to 345,370 manats (an increase of 20.4 percent).
During the reporting period, expenses of Revan Insurance decreased more than twice and amounted to 1.342 million manats. Operating expenses decreased almost three times to 412,073 manats, including insurance payments of 315,953 manats. Costs of reinsurance payments amounted to 19,174 manats.
The costs of conducting insurance business over the past year amounted to 929,930 manats.
As a result, the company’s net profit for the reporting period amounted to 227,071 manats.
(1 USD = 1.7 AZN on Sept. 4)
Follow the author on Twitter: @kamala_mammadli