Insurance market net profit has sharply decreased


May 11, Fineko/ In 2021, the net profit of the insurance sector of Azerbaijan (including insurance, reinsurance and brokerage companies) amounted to AZN 66.046 million (27.8% less than in 2020).
ABC.AZ reports that the income of the insurance sector decreased by 6.7% against 2020 to AZN 923.64 million.
The insurance premiums grew by 10.2% to AZN 875.469 million, and net negative insurance reserves amounted to AZN 73.26 million against AZN 62.18 million a year earlier. Investment incomes of insurance market participants amounted to AZN 57.15 million (decrease of 13.7%), the share of reinsurers in insurance premiums AZN 42.06 million (a rise of 2.4-fold).