AXA MBASK ends 2018 on profit

As of January 1, 2019, AXA MBASK OJSC’s assets stood at AZN 35.865 million, up 6.2% from the previous year, Report informs.

Liabilities dropped by 14.5% to AZN 12.967 million, total capital surged 23.1% to AZN 22.898 million, authorized capital grew by 21.3% to AZN 23.934 million, incomes fell 13.8% to AZN 23.558 million, expenditures went down 15.4% to AZN 23.44 million, profit tax amounted to AZN 24,000. Consequently, the OJSC ended 2018 on AZN 95,000 in net profit, while it ended 2017 on AZN 368,000 in loss.

AXA MBASK was established in 1992 as Mbask and was rebranded in 2010. Authorized capital is AZN 50 million. The OJSC is 100% owned by French AXA Group. AXA Seguros Generales, S.A., De Seguros Y Reaseguros, daughter company of French AXA Group in Spain, earlier made a decision to sell the financial organization to Azerbaijani businessman, member of Unibank Supervisory Board Elkhan Garibli. The initial agreement has already been signed between the sides.