Azerbaijan's Qala Hayat raises insurance reserves
BAKU, Azerbaijan, Aug.4
By Eldar Janashvili - Trend:
Azerbaijan’s Qala Hayat insurance company increased its total liabilities by almost 2.5 percent from January through June this year, Trend reports citing the company’s balance sheet.
According to the sheet, the total liabilities grew by 315,700 manat ($185,710) up to 124 million manat ($72.9 million).
During the reporting period, in the structure of liabilities, the greatest share (about 89.5 percent) accounted for insurance reserves, making up 11.1 million manat ($6.5 million) against 9.4 million manat ($5.5 million) in the early 2020.
Meanwhile, the company’s liabilities for reinsurance operations stood at 19,800 manat ($11,650), dropping by 45 percent.
Loan liability made up 103,500 manat ($60,880), plummeting by 4.4 times in 1H2020.
According to the company, its share capital did not change from the early 2020 and remained equal to 13 million manat ($7.6 million). The retained earnings amounted to 10.4 million manat ($6.1 million), declining by 18.4 percent. In the previous years, the retained earnings made up 7.8 million manat ($4.5 million), which was 2.5 times less than the indicator as of early 2020.
Total capital of the company in the first half of this year amounted to 23.5 million manat ($13.8 million), edging up by 8.9 percent compared to the late 2019.
(1 USD = 1.7 manat on Aug.4)
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