BAKU, Azerbaijan, May 11. The cumulative profit of Azerbaijan's insurance industry amounted to 66.046 million manat ($38.87 million) following the results of 2021, down by 27.8 percent compared to 2020, Trend reports citing the financial report of the Central Bank of Azerbaijan (CBA).
The total income of the insurance industry in the reporting period decreased by 6.7 percent compared to 2020 and reached 923.64 million manat ($543.6 million).
The investment income of the insurance market totaled 57.15 million manat (a decrease of 13.7 percent). Insurance premiums grew by 10.2 percent and edged up to 875.469 million manat ($515.28 million), while net insurance reserves rose by 11.08 million manat, making up 73.26 million manat ($43.1 million).
Insurance spending for the reporting period reduced by 4.5 percent, down to 842.299 million manat. Meanwhile, insurance payments totaled 497.117 million manat ($292.59 million), having increased by 0.8 percent, reinsurance premiums – 112.405 million manat ($66.15 million), having decreased by 27.5 percent, business expenses – 197.6 million manat ($166.3 million), having increased by 1.7 percent. In 2021, insurers paid income tax in the amount of 15.29 million manat ($8.99 million).
Currently, there are 20 insurance companies in Azerbaijan, out of which one is reinsurance and 11 are brokerage companies.