Gala Insurance ends 2018 on profit

As of January 1, 2019, the assets of Gala Insurance OJSC’s stood at AZN 20.413 million, up 35.6% from the previous year.

Report informs citing the company that the liabilities rose by 54.4% to AZN 12.008 million, total capital grew by 15.6% settling at AZN 8.405 million.

Incomes grew by 99.5% to AZN 19.945 million, expenditures went up 76.8% to AZN 19.945 million, while profit tax amounted to AZN 187,000. Consequently, Gala Insurance OJSC ended 2018 on AZN 1.133 million in net profit, in contrast to AZN 619,000 in loss as at the end of 2017.

Gala Insurance was established on the basis of Chartis Azerbaijan insurance company, which had been in operation since 1999. The authorized capital is AZN 8.05 million.