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Azerbaijan's insurance sector assets down slightly

Finance Materials 8 September 2020 10:56
Azerbaijan's insurance sector assets down slightly

BAKU, Azerbaijan, Sept. 8

By Fidan Babayeva – Trend:

The assets of the insurance sector of Azerbaijan decreased by 0.3 percent in the first half of 2020, having equaled 1.4 billion manat ($823.5 million), Trend reports citing the Central Bank of Azerbaijan (CBA).

According to the CBA, 448 million manat ($263.5 million) or 31.9 percent of the half-year total assets fall on bank accounts, declining by 2.5 percent over the year. Some 387.4 million manat ($227.8 million) accounted for long-term financial assets, showing a decline of 4.5 percent. Accounts receivable made up 175.1 million manat ($103 million), an increase of 23.7 percent year on year. The remaining amount falls on other assets.

The sector's insurance reserves as of July 1, 2020 are estimated at 762.8 million manat ($448.7 million), an increase of 3.5 percent, while the total retained earnings - 87.6 million manat ($51.5 million), a decline of 39.7 percent.

The total authorized capital of the insurance sector at the beginning of July 2020 amounted to 422.6 million manat ($248.5 million), which is 0.1 percent more than at the end of 2019.

Currently, 21 insurance companies and one reinsurance company operate in Azerbaijan.

(1 USD = 1.7 manat on Sept. 8)

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