Compulsory Insurance Bureau ends 2019 at profit

Compulsory Insurance Bureau (CIB) ended 2019 at AZN 4.7 million in profit, while it ended 2018 at AZN 3.1 million in a loss.

Report informs that the incomes from premiums rose by 17.1% to AZN 9.2 million, compensation payments dropped by 5.6% to AZN 608,000, loss from changes in compensation reserves fell by 71.05% to AZN 1.1 million, net financial incomes increased by 36.75% to AZN 1.4 million, loss from foreign currency exchange slipped 49.8% to AZN 218,000, other revenues soared 12-fold to AZN 476,000, loss from recovery on impairment of termless deposits slid 74.9% to AZN 519,000, loss from impairment of non-material assets descended by 10.9% to AZN 473,000, general and administrative expenditures grew by 27.3% to AZN 3.3 million, payment on profit tax declined by 78.45% to AZN 1.2 million.

As of January 1, 2020, the assets amounted to AZN 42.5 million, up 16.5% from the previous year. Liabilities ascended by 11.7% to AZN 12.3 million, net worth went up 18.55% to AZN 30.2 million.