Azerbaijani Ipek Yolu insurance company ends 1H2020 with profit

Azerbaijani Ipek Yolu insurance company ends 1H2020 with profit

Baku, Azerbaijan, Aug.5

By Eldar Janashvili – Trend:

Ipek Yolu Sigorta, a big Azerbaijani insurance company, ended the first half of 2020 with the net profit worth 1.3 million manat ($760,000) against the profit of 1.7 million manat ($1 million) in the same period of last year, Trend reports referring to the company's financial statement.

The company’s profit on semi-annualized basis decreased by 13.7 percent.

According to the statement, the company’s total income for the reporting period made up 12.5 million manat or $7.3 million (down 13.4 percent). The income was formed via fixed operating incomes in the amount of 11.4 million manat or $6.7 million (decrease by 16.5 percent), of which 9.4 million manat ($5.5 million) accounted for direct insurance fees.

The total income was also formed via changes in net insurance reserves worth 762,900 manat or $448,760 (rise by 2.9 times), investment incomes making up 263,000 manat or $154,710 (growth by 2.5 percent), and other incomes in the amount of 174.4 million manat ($102.5 million).

The company’s total expense made up 10.9 million manat or $6.4 million (down 18.1 percent since the early 2020) and was formed via fixed operating expenses worth 10 million manat or $5.8 million (reduction by 19.7 percent), of which 7.8 million manat ($4.5 million) accounted for reinsurance fees.

The remaining 958,000 manat or $563,880 (up 2.4 percent) forming the total expense accounted for other expenses.

The financial profit of the company before deducing income tax made up 1.6 million manat ($940,000), which is 42 percent more than in the first half of 2019. The income tax amounted to 325,000 manat ($191,180).

(1 USD = 1.7 AZN on Aug.5)

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Follow the author on Twitter: @eldarjanashvili

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