BAKU, Azerbaijan, April 24. Azerbaijan's PASHA Life Insurance company has led the ranking of local insurance companies in terms of the volume of net profit as of January 1, 2023, Trend reports.
The company's net profit accounted for 39.5 million manat ($23.2 million).
The second place was taken by PASHA Insurance with the volume of net profit of 29.2 million manat ($17.18 million).
Gala Insurance with net profit worth 10.56 million manat ($6.2 million) ranked third.
Ranking of Azerbaijan's insurance companies by volume of net profit:
|
№ |
Insurance companies |
Net profit / loss |
Annual difference (%) |
|
1 |
PASHA Life Insurance |
39.5 million manat ($23.2 million) |
123.1 |
|
2 |
PASHA Insurance |
29.2 million manat ($17.18 million) |
18.5 |
|
3 |
Gala Insurance |
10.56 million manat ($6.2 million) |
12.7 |
|
4 |
Ateshgah Life Insurance |
8.47 million manat ($4.98 million) |
31.8 |
|
5 |
Gala Life Insurance |
7.8 million manat ($4.59 million) |
65.4 |
|
6 |
Mega Insurance |
3.77 million manat ($2.2 million) |
-3.6 |
|
7 |
Xalq Life Insurance |
1.8 million manat ($1.06 million) |
31 |
|
8 |
Nakhchivan Insurance |
1 million manat ($588,200) |
11.7 |
|
9 |
Silkway Insurance |
726,027 manat ($427,070) |
-25.2 |
|
10 |
Mega Life Insurance |
573,934 manat ($337,610) |
215.4 |
|
11 |
Agro Insurance |
170,150 manat ($100,090) |
-65.8 |
|
12 |
Baku Insurance * |
102,673 manat ($60,400) |
- |
|
13 |
A-Group Insurance |
57,190 manat ($33,640) |
-94.4 |
|
14 |
Ateshgah Insurance ** |
- 517,987 manat ($304,700) |
- |
|
15 |
AtaInsurance |
- 575,354 manat ($338,440) |
-74.6 |
|
16 |
Gunay Insurance |
- 1.2 million manat ($710,000) |
9.1 |
|
17 |
AzInsurance ** |
- 2 million manat ($1.18 million) |
- |
|
18 |
Azerbaijan Industry Insurance ** |
- 2.47 million manat ($1.45 million) |
- |
|
19 |
Azerinsurance |
- 10.45 million manat ($6.15 million) |
-26.9 |
|
20 |
Xalq Insurance ** |
- 12.2 million manat ($7.18 million) |
- |
|
Total |
74.37 million manat ($43.75 million) |
3.1 |
* These companies passed from loss to profit.
** These companies passed from profit to loss.
As of January 1, 2023, the total volume of assets of Azerbaijani insurance companies accounted for 1.4 billion manat or $822.5 million manat (an increase of 18.8 percent over year).