BAKU, Azerbaijan, March 30. AzRe Reinsurance OJSC, a reinsurance company in Azerbaijan, closed out 2022 with a net profit of 22.6 million manat ($13.2 million), which is eight times higher than in 2021, Trend reports via the company.
According to the report, AzRe Reinsurance’s revenues amounted to 48.5 million manat ($28.5 million), while its expenses totaled 22.7 million manat ($13.3 million).
Moreover, the company’s profit before taxes amounted to 25.7 million manat ($15.1 million), while income tax payments reached 3.1 million manat ($1.8 million).
Thus, AzRe Reinsurance completed 2022 with a net profit of 22.6 million manat ($13.2 million).
As of January 1, 2023, the company's total assets amounted to 136.9 million manat ($80.5 million). At the same time, while total liabilities reached 61.5 million manat ($36.1 million), total capital amounted to 75.3 million manat ($44.2 million).