BAKU, Azerbaijan, June 6. According to the results of the first quarter of 2022, total assets in the insurance sector of Azerbaijan amounted to 1.4 billion manat ($823.5 million), which is 9.2 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 authorized capital of the insurance sector amounted to 381.4 million manat ($224.3 million) from January through March 2022, reduced for the year by 1.6 percent.
Insurance reserves of the sector are estimated at 833.8 million manat ($490.4 million, growth for the year by 11.3 percent) at the beginning of the year, total retained earnings - 119.3 million manat ($70.1 million, growth for the year by 49 percent).
According to the results of the first quarter of 2022, the cumulative profit in the insurance sector of Azerbaijan amounted to 39.5 million manat ($23.2), which is 27 percent more than in the same period of 2021
There are currently 20 insurance, one reinsurance and 11 brokerage companies operating in Azerbaijan.