BAKU, Azerbaijan, April 28
By Zeyni Jafarov - Trend:
The net profit of the Azerbaijani Industrial Insurance Company, which specializes in non-life insurance, increased by about 2.6 times by early 2021, the company told Trend.
The profit approached two million manat ($1.2 million).
The company's fees exceeded nine million manat - $5.3 million (62 percent more than in 2019), of which 4.6 million manat ($2.7 million) accounted for voluntary types of insurance while 4.5 million manat ($2.6 million) – for compulsory types of insurance in 2021.
An increase in fees was mainly observed in medical, property, compulsory real estate insurance and comprehensive cover.
The payments of the company for the reporting period on various insured events reached 2.1 million manat ($1.2 million).
The assets increased by more than 14 percent up to 21 million manat ($12.3 million).
The level of liabilities exceeded seven million manat ($4.1 million) while the capital, having increased by 14.1 percent, reached 14 million manat ($8.2 million).
"The measures aimed at optimizing costs and improving the quality of the insurance portfolio had a positive effect on the company's financial results," the company said. "Thus, the company's profit increased by 2.6 times compared to 2019."
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