BAKU, Azerbaijan, April 2. Mega Life Insurance OJSC completed 2023 with a net profit of 1 million manat ($588,000), which is 89.2 percent more than the previous year, Trend reports.
According to the financial statements of this insurance company (IC), in 2023, Mega Life Insurance Company's revenues amounted to 4 million manat ($2.3 million), which is 83.2 percent more than a year earlier, while expenses amounted to 2.7 million manat ($1.5 million), up 80.3 percent, and income tax payments reached 272,000 manat ($160,000), increasing by 89.2 percent.
The assets of Mega Life Insurance amounted to 23.5 million manat ($13.8 million) on January 1 of the current year, increasing by 20 percent compared to the previous year. During the reporting period, the company's liabilities increased by 42 percent, reaching 10.6 million manat ($6.2 million), while the balance sheet capital increased by 6.3 percent and amounted to 12.8 million manat ($7.5 million).
To note, Mega Life Insurance was founded in 2019. The authorized capital of the company is 11 million manat ($6.4 million), and the shareholder of the company is Mega Insurance Company.
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