BAKU, Azerbaijan, March 31. The net profit of Azerbaijan's PASHA Life Insurance company increased by 2.23 times in 2022 compared to 2021 and reached 39.52 million manat ($23.2 million), Trend reports citing the accounting report published in the 'Respublika' newspaper.
In 2021, the company's net profit totaled 17.7 million manat ($10.4 million).
According to the report, last year the company's revenues totaled 324.8 million manat, which included investment incomes of 24.5 million manat ($14.4 million) and other revenues worth 108,354 manat ($63,739).
The company's expenditures totaled 273.2 million manat ($160.7 million), composed of operational expenses worth 228.9 million manat ($134.6 million), cost of doing business of 43.8 million manat and other revenues - 475,490 manat ($279,707).
The company's profit before taxes in 2022 amounted to 51.5 million manat ($30.2 million), whereas income tax payments to 12.02 million manat ($7.07 million).
Thus, PASHA Life Insurance completed 2022 with a net profit of 39.52 million manat ($23.2 million).
As of January 1, 2023, the company's total assets amounted to 552.4 million manat ($324.9 million), total liabilities equaled 472.6 million manat ($278 million), and total capital - 79.7 million manat ($46.8 million).