Baku. 6 April. REPORT.AZ/ Total assets of insurance companies based in Azerbaijan amounted 898.106 mln AZN by January 1, 2017.
Report informs, this is 6.9% more than the same figure on January 1 of previous year (excluding companies under liquidation). 14 insurers have increased, while 7 decreased their assets.
In the reporting period, total long-term assets of companies made up 110.381 mln AZN featuring 37.3% growth, while total short-term assets amounted 787.725 mln AZN with 3.7% growth. 15 companies managed to increase long-term, 10 companies - short-term assets.
Last year total capital of insurers rose by 7.7% to 448.848 mln AZN, authorized stock capital rose by 4.7% to 320.302 mln AZN. 17 market players managed to increase total capital, while 4 (state owned “Azersigorta”, as well as “Qala Insurance”, “Qala Life Insurance” and “Xalg Sigorta”) of them increased stock capital.
Insurance sector paid 17.617 mln AZN income tax in 2016, which is 24.6% less than that in 2015. Last year 3 of 21 companies didn’t pay taxes, including 2 above-mentioned companies who suffered loss. The third company who didn’t pay income tax is Amrah Insurance who tripled its financial revenue. Remarkably, Amrah Insurance didn’t pay income tax in 2015 as well. Whereas the company closed also previous year with profit.
According to 2016 summary, total net profit of Azerbaijani insurers amounted 65.094 mln AZN, which is 33.7% lower than the same indicator of previous year. 7 companies having increased financial revenue, also increased net profit. Only one company - Azsigorta managed to increase net profit without increasing financial revenue.