Iranian private insurer sees 87% hike in capital
Baku, Azerbaijan, Sept. 25
By Khalid Kazimov - Trend:
Novin Insurance Company, an Iranian private firm, has said that its capital has increased by 87.5 percent to reach $45.4 million (150 billion tomans) over the past year.
Hossein Karimkhanzand, the head of the company, has said that the third party insurance formed 55 percent of the company’s coverage in the past.
He added that the figure has slipped to below 25 percent over the past year, the company’s public relations department reported.
Saying that the firm currently puts most of its resources to purchasing bonds and deposit accounts, he said there are intentions to move to the capital market.
He further added that Novin Insurance is among the top tree performers of the industry in the country.
Novin Insurance Companyestablished in 2006 provides conventional and Islamic non-life and life insurance services.