Baku, Azerbaijan, Sept. 6
By Kamala Mammadli – Trend:
The net profit of the Azerbaijani Mega Insurance company amounted to 2.283 million manats in January-June 2019, which is 10.8 percent less than in the same period of 2018, Trend reports referring to the company's financial report.
During the reporting period, the income of the insurance company decreased by 20.5 percent and amounted to 12.303 million manats. The revenues were obtained mainly through insurance fees in the amount of 14.598 million manats, which is 2.85 percent less than in the same period of 2018.
The reinsurance fees amounted to 194,860 manats, showing 15-percent-growth. The share of reinsurers in revenues amounted to 33,777 manats. Commission income grew 2.8 times up to 513,470 manats.
The funds allocated to change the net insurance reserves amounted to 3.377 million manats. Investment income amounted to 738,952 manats.
During the reporting period, expenses decreased by 23.5 percent and amounted to 9.449 million manats. Operating expenses decreased by 36.2 percent up to 7.410 million manats. The insurance payments amounted to 1.667 million manats. The costs of reinsurance payments amounted to 5.609 million manats.
The costs associated with conducting business for the reporting period amounted to 2.033 million manats.
As a result, the profit amounted to 2.854 million manats. After deducting income tax in the amount of 570,844 manats, net profit amounted to 2.283 million manats.
The Mega Insurance company launched its activity on October 1, 2010. The insurance company received a perpetual license in 2012 to carry out insurance activity in Azerbaijan.
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