BAKU, Azerbaijan, March 31. The net profit of the Azerbaijani insurance company Xalq Life Insurance OJSC amounted to 1.3 million manat ($764,700) in 2021, Trend reports with reference to the company’s balance sheet published in “Xalq qazeti” (Xalq newspaper).
According to the data confirmed by the audit report, the company's income amounted to 5.2 million manat ($3.05 million), paid insurance premiums - 6.1 million manat ($3.5 million) in 2021.
Expenses of Xalq Life Insurance OJSC amounted to 3.68 million manat ($2.1 million), returned premiums – 613,684 manat ($ 360,990), premiums transferred for reinsurance – 292,945 manat ($ 172,320), business expenses - 2.52 million manat ($1.4 million), other expenses – 119,612 manat ($70,360).
The company's profit before taxes amounted to 1.54 million manat ($910,500), income tax payments - 157,298 manat ($ 92,500) in 2021.
The company's assets increased by 38.61 percent - up to 23.7 million manat ($13.9 million), liabilities - by 168.77 percent - up to 8.3million manat ($4.9 million), capital - by 9.89 percent - up to 15.4 million manat ($9.09 million) in 2021 compared to 2020.