BAKU, Azerbaijan, April 1. The net profit of Azerbaijan’s Nakhchivan Sigorta insurance company amounted to 900,000 manat ($529,410) in 2021, Trend reports via the company’s balance sheet published in Respublika newspaper.
According to the data confirmed by the audit report, last year the company's income made up over 2.2 million manat ($1.3 million), and paid insurance premiums – by 2.5 million manat ($1.4 million).
Meanwhile, spending of the company stood at 1.15 million manat ($680,000), returned premiums – 79,300 manat ($46,650), and premiums transferred for reinsurance – 32,700 manat ($19,240).
Besides, deductions to the preventive measures fund amounted to 12,700 manat ($7,470), business expenses - 541,200 manat ($318,350), and other expenses – 64,600 manat ($38,000).
The company's profit before taxes made up slightly over 1.12 million manat ($660,000), and income tax payments – 225,000 manat ($132,350).
The company's assets increased by 20.06 percent - up to 9.58 million manat ($5.64 million), capital - by 13.84 percent - to 7.4 million manat ($4.3 million), and liabilities - by 47.5 percent - to 2.17 million manat ($1.28 million) in 2021 compared to 2020.