Total net profit of Azerbaijani insurers increases by 23%

The total income of 20 insurance companies operating in Azerbaijan in 2022 amounted to 895.374 million manats ($526 million) - 5% more than in 2021, Report informs.

In 2022, the total expenses of insurers increased by 2.4% and amounted to 791.41 million manats ($465 million). Twelve companies have increased revenues, and 13 saw hike in their expenses.

At the end of 2022, the total financial profit of insurers amounted to 103.964 million manats ($61.09 million), which is 30% more than a year earlier.

In 2022, insurance companies paid income tax in the amount of 29.592 million manats ($17.38 million) - 51.8% more than in 2021.

The total net profit of Azerbaijani insurers amounted to 74.372 million manats (over $43 million) in 2022, up 23% from 2021.