BAKU, Azerbaijan, Sept. 8
By Fidan Babayeva – Trend:
The total profit in the Azerbaijani insurance sector amounted to 61.2 million manats ($36 million) from January through June 2020, which is 19.7 percent less than in the first half of 2019, Trend reports on Sept. 8 citing the financial report of the Central Bank of Azerbaijan (CBA).
The income of the insurance sector in the reporting period increased by 20.8 percent compared to the first half of 2019 and amounted to 455.1 million manats ($267.7 million).
The investment income of the insurance market amounted to 30.6 million manats that’s $18 million (an increase of 2.1 percent), the share of reinsurers in insurance premiums - 5.4 million manats or $3.2 million (a decline of 45.7 percent).
The insurance premiums increased by 11.8 percent and amounted to 455.4 million manats ($267.9 million), while net insurance reserves decreased by 49.1 million manats ($28.9 million).
The expenses of the insurance sector during the reporting period increased by 27.4 percent - up to 383.2 million manats ($225.4 million).
At the same time, insurance payments amounted to 191.1 million manats ($112.4 million), an increase of 56.5 percent, payments for reinsurance - 82.9 million manats ($48.8 million), an increase of 9.7 percent, business management costs - 89.1 million manats ($52.4 million), an increase of 2.1 percent.
The insurers paid the income tax in the amount of 10.5 million manats ($6.2 million) in the first half of the year.
Some 21 insurance companies and one reinsurance company are currently operating in Azerbaijan.
(1 USD = 1.7 AZN on Sept. 8)
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