BAKU, Azerbaijan, Sept.9
By Zeyni Jafarov – Trend:
AzSigorta OJSC has suspends cooperation on rating update with Fitch Ratings international agency, Trend reports referring to the company.
As reported, in order to optimize costs and reduce foreign exchange payments abroad, it was decided to temporarily suspend cooperation between the company and the agency.
Also, failures in financial markets as a result of the global COVID-19 pandemic have lowered the importance of updating the company's rating, AzSigorta said in a statement.
It was also noted that despite the suspended cooperation, Fitch Ratings once again confirms the insurer financial strength (Insurer Financial Strength - IFS) at the "B" level by keeping its stable outlook for the company, and revokes it on procedural demand.
The agency once again pointed out the high capitalization of the insurance company.
Despite compliance with isolation rules and quarantine measures, the company's financial performance continues to grow. So, the net profit of AzSigorta with an authorized capital of 20.3 million manat ($11.9 million) amounted to 1.24 million manat ($730,000) in 1H2020, up 36 percent compared to the same period of last year.
(1 USD = 1.7 manat on Sept.9)
----
Follow the author on Twitter: @jafarov_zeyni