Azerbaijan-based 21 insurers increase net profit by 1%

As of January 1, 2020, the incomes of Azerbaijan-based 21 insurers, including Nakhchivan Insurance OJSC, stood at AZN 705.493 million, up 10.8% from the previous year.

Expenditures rose 11.3% to AZN 620.659 million. 10 insurers increased incomes, 13 – expenditures.

Financial profit amounted to AZN 84.834 million, which is 6.9% more than in 2018. 8 companies saw a rise in business profit, 6 companies decreased the business profit, while 2 companies increased financial loss.

In the reporting period, the insurers paid AZN 22.622 million as profit tax, up 28.7% from the previous year.

Net profit made up 62.212 million, up 0.75% from 2018. The 8 companies, which increased the business profit in 2018, also increased the net profit. 6 companies, which decreased the business profit, also reduced the net profit. Two companies, which ended 2018 at a profit, ended 2019 at a loss, the three companies that ended 2018 at a loss, ended 2019 at a profit.