Azerbaijan-based insurers see 44% rise in total net profit

Total incomes of Azerbaijan-based insurers, excluding Nakhchivan Insurance OJSC, in 2018 amounted to AZN 636.793 million, up 3.1% in comparison to a year earlier, Report informs.

Total expenditures dropped by 1.05% to AZN 557.431 million10insurers increased incomes, 10 expenditures.

Total profit amounted to AZN 79.362 million, up 45.7% by contrast to a year earlier. 8 insurers (A-Group Insurance, Ateshgah Life Insurance, Azersigorta, Baki Insurance, Gala Life Insurance, Xalg Insurance, PASHA Insurance and PASHA Life Insurance) increased profit, 5 insurers (Amrah Insurance, Ateshgah Insurance, Gunay Insurance, Mega Insurance and Silk Way Insurance) decreased. Three insurers (Atasigorta, Azerbaijan Industry Insurance and Standard Insurance) ended 2018 on loss, four insurers (AXA Mbask, Azsigorta, Gala Insurance and Ravan Insurance) ended on profit.

In the reporting period, the insurers paid AZN 17.582 profit tax, up 52.1% from 2017.

Ateshgah Insurance, Azerbaijan Industry Insurance and Standard Insurance, which ended 2018 on loss, did not pay the tax. Although Amrah Insurance, Azsigorta and Ravan Insurance ended 2018 on profit, they did not pay tax.

Total net profit stood at AZN 61.78 million, up 44% in comparison to a year earlier.