BAKU, Azerbaijan, April 3. The net profit of Azerbaijan's Mega Life Insurance OJSC considerably grew in 2022, Trend reported via the company.
According to the company, this figure amounted to 573,930 manat ($337,610), up by 3.2 times on an annual basis.
Last year, the company's income totaled 2.2 million manat ($1.29 million), which included investment incomes of 1.17 million manat ($690,000).
Meanwhile, the company's expenditures totaled 1.5 million manat ($880,000), including operational expenses worth 1.28 million manat ($750,000).
The company's profit before taxes in 2022 amounted to 717,410 manat ($422,010), whereas profit tax payments to 143,480 manat ($84,400).
As of January 2023, the company's total assets equaled 19.6 million manat ($11.5 million), while its total liabilities were 7.5 million manat ($4.4 million) and total capital accounted for 12.1 million manat ($7.1 million).
The OJSC was established in 2019. Central Bank of Azerbaijan Republic issued a license to Mega Life on February 19, 2021, which gives the right to write life insurance business.
The company was included in to register of insurers-participants of the Compulsory Insurance Bureau on March 9, 2021. On May 26, 2021, Mega Life was included in the list of authorized insurers for mortgage lending of the Mortgage and Credit Guarantee Fund of Azerbaijan.
The authorized capital of Mega Life is 11 million manat ($6.4 million) and 100 percent shareholder is Mega Insurance Company.