Azerbaijan`s insurer AzSigorta profit for 2018 reached AZN 4.7 million


February 8, Fineko/abc.az. Azerbaijan insurance company AzSigorta has summed up the results of its activity for the past year.

Company’s chairman of board Anar Talibov stated at the press conference that AzSigorta completed the 2018 financial year with net profit of AZN 4.7 million.

"Our profit was provided due to improvement of the quality of Company’s portfolio, reduction of costs and receipt of investment income," Talibov said.

He stressed that in 2018 AzSigorta collected premiums for more than AZN 20 million (forecast: AZN 16 million). Last year we paid compensations for AZN 8 million, and the largest compensation of AZN 1 million was paid within property insurance on the insured event in Baku.

"In 2018 Company's capital increased from AZN 29.9 million up to AZN 34.7 million. AzSigorta’s authorized capital remained at the level of AZN 20.3 million. Following 2018, Company's total assets also remained at the level of AZN 61 million, while short-term assets increased from AZN 53.6 million in 2017 up to AZN 54.1 million. The company's receivables were reduced by AZN 1 million," Talibov emphasized.