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Total profit in Azerbaijan’s insurance sector increases

Finance Materials 6 June 2022 18:03 (UTC +04:00)
Total profit in Azerbaijan’s insurance sector increases
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, June 6. According to the results of the first quarter of 2022, the total profit in the insurance sector of Azerbaijan amounted to 39.5 million manat ($23.2 million), which is 27 percent more than in the same period of 2021, Trend reports with reference to the financial report of Central Bank of Azerbaijan (CBA).

The total income of the insurance sector decreased by 31 percent in the reporting period compared to the same period of 2021, and amounted to 189.6 million manat ($111.5 million).

The investment income of participants in the insurance market amounted to 18.06 million manat ($10.6 million, a growth for the year of 39 percent).

Insurance premiums increased by 3.9 percent to 266.4 million manat ($156.7 million).

Expenditures in the insurance sector decreased by 39.8 percent to 144.6 million manat ($85.05 million) during the reporting period. Insurance payments amounted to 63.5 million manat ($37.3 million), reinsurance payments – to 25.3 million manat ($14.8 million), and business expenses – to 45.1 million manat ($26.5 million).

Insurers paid income tax in the amount of 5.38 million manat ($3.1 million) in the first quarter of 2022.

There are currently 20 insurance, one reinsurance and 11 brokerage companies operating in Azerbaijan.

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