Azerbaijani insurance company completes 1H19 with net profit
Baku, Azerbaijan, Sept. 7
By Kamala Mammadli - Trend:
Net profit of the Azerbaijani insurance company Revan Insurance for the first half of 2019 amounted to 444,513 manats, Trend reports with reference to the financial report of the company.
The company completed the same period last year with a net loss of 66,360 manats.
In the reporting period, the income of the insurance company decreased by 91.6 percent compared to the same period in 2018, amounting to 1.114 million manats. Revenues were provided mainly through insurance premiums in the amount of 1.291 million manats.
The funds allocated to change the net insurance reserves amounted to 449,756 manats. Investment income amounted to 192,622 manats (a decrease of almost 49 percent).
During the reporting period, expenses decreased by almost five times, amounting to 670,059 manats. Operating expenses amounted to 259,736 manats.
The costs associated with conducting business for the reporting period amounted to 410,073 manats.
As a result, net profit amounted to 445,513 manats.
($1= 1.7 manats on Sept. 7)