BAKU, Azerbaijan, March 30. Azerbaijan's AzInsurance OJSC finished 2023 with a net profit of 1.58 million manat ($930,000) against net loss of 2 million manat ($1.18 million) in 2022, Trend reports.
The data from the company's financial report showed that its last-year revenues amounted to 20.3 million manat ($11.9 million), increasing by 40 percent from the previous year.
The company's expenses stood at 18.36 million manat ($10.8 million), up 7.7 percent.
As of January 1, 2024, the company's assets stood at 29.9 million manat ($17.59 million), which is 13.4 percent less than the previous year.
Meanwhile, the liabilities decreased by 32.7 percent to 12.8 million manat ($7.5 million), and the balance capital grew by 10.2 percent to 17 million manat ($10 million).
To note, AzInsurance received a license to operate in November 2006. Its shareholder is one individual. The company's authorized capital amounts to 14 million manat ($8 million).