Azerbaijan's insurance sector earned a net profit of 98 million manats ($57.64 million) in the first half of 2024, according to the “Financial Stability Report for the first half of 2024” released by the Central Bank of Azerbaijan (CBA), Report informs.
This is 16 million manats ($9.41 million) or approximately 20% more compared to the same period last year.
In particular, against the background of returned insurance premiums and operational expenses, the net profit of life insurance companies decreased by 5 million manats ($2.94 million) to 41 million manats ($24.11 million), the net profit of non-life insurance companies increased by 9 million manats ($5.29 million) to 41 million manats ($24.11 million), and the net profit of AzRe Reinsurance OJSC increased by 12 million manats ($7.05 million) to 15 million manats ($8.82 million).