Baku, Azerbaijan, Sept. 5
By Kamala Mammadli – Trend:
The net profit of the Azerbaijani insurance company Baku Insurance amounted to 22,312 manats for the first half of 2019, which is 13.4 times less than the same period last year, Trend reports referring to the company's financial report.
Over the reporting period, company income decreased by 48.5 percent to 858,011 manats. Revenues were formulated mainly through insurance fees in the amount of 522,505 manats (decrease of 11.3 percent).
Funds allocated for net insurance reserves amounted to 171,539 manats. Meanwhile, investment income amounted to almost 400,000 manats (increase of 11.14 percent).
During the reporting period, company expenses dropped by 8.5 percent and amounted to 830,121 manats. Operating expenses amounted to 256,389 manats, among which insurance payments amounted to 135,282 manats. The costs of reinsurance payments amounted to 78,045 manats.
The costs of conducting insurance business operations for the first half of the year amounted to 573,176 manats.
As a result, company profit for the reporting period amounted to 27,890 manats. After deducting income tax of 5,578 manats, net profit amounted to 22,312 manats.
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