BAKU, Azerbaijan, Aug.4
By Eldar Janashvili - Trend:
Azerbaijan’s Ipek Yolu insurance company increased its total liabilities by almost 4 times from January through June this year, Trend reports on August 4 citing the company’s balance sheet.
The total liabilities grew by 35.7 million manat ($21 million) up to 47.7 million manat ($28 million).
During the reporting period, in the structure of the company’s liabilities, the greatest share (about 74.3 percent) accounted for insurance reserves, making up 44.9 million manat ($26.4 million) against 8.9 million manat ($5.2 million) in the early 2020. Besides, rather significant share (16.3 percent) accounted for liabilities on reinsurance operations, making up 1.4 million manat or $820,000 (down 29 percent since the early 2020).
The company’s deferred tax liabilities stood at 1.04 million manat ($610,000), which is 25 percent more than in the late 2019. Loan liability made up 250,200 manat ($147,180), rising by 35 percent in 1H2020.
Liabilities to credit and financial institutions amounted to 133 million manat ($78.2 million), having decreased by 4 percent since the beginning of the year. Other liabilities made up 5.3 million manat ($3.1 million).
According to the sheet, the company’s share capital did not change from the early 2020 and remained equal to 14.7 million manat ($8.6 million). The retained earnings amounted to 8 million manat ($4.7 million), hereby showing a surge by 3.5 times.
Total capital of the company in the first half of this year amounted to 22.7 million manat ($13.3 million), growing by 35 percent compared to the late 2019.
(1 USD = 1.7 manat on Aug.4)