Total assets of Azerbaijan's Ipek Yolu Sigorta insurance company more than double
BAKU, Azerbaijan, August 4
By Eldar Janashvili - Trend:
The total assets of the Azerbaijani Ipek Yolu Sigorta OJSC insurance company increased 2.4 times from January through June 2020, Trend reports citing the bank's balance sheet.
According to the report, the company’s total assets increased by 41.5 million manat ($24.4 million) to 70.5 million manat ($41.4 million) on an annualized basis.
“In the structure of assets, the largest part, about 60 percent, accounted for the share of reinsurers in insurance reserves in the amount of 42.7 million manat [$25.1 million]. For comparison, at the beginning of the year, this amount was only 7.5 million manat [$4.4 million]. A significant share - 18.4 percent - belongs to the company's accounts receivable in the amount of 13 million manat [$7.6 million], which increased 2.5 times since the beginning of the year,” said the report.
At the same time, insurance receivables amounted to 12.8 million manat ($7.5 million), which is also 2.5 times more compared to 2019. Other accounts receivable amounted to 139,800 manat ($82,235), an increase by 12.3 times.
The company’s funds accounted for almost 17.6 percent of all assets in the amount of 12.4 million manat ($7.3 million), showing a decrease of 10 percent. Some 9.9 million manat ($5.8 million) of these are the company's deposit accounts. Other short-term assets amounted to 9,000 manat ($5,294), 2.5 times less compared to the beginning of the year.
“In the structure of long-term assets, real estate and equipment slightly decreased by 15.1 percent, to 130,900 manat ($77,000). Intangible assets also did not change, amounting to 165,400 manat ($97,294). The purchased long-term securities amounted to 1.5 million manat ($0.8 million). Other assets amounted to almost 4.1 million manat ($2.4 million),” said the report.
(1 USD = 1.7 manat on August 4)