AzSigorta completed Q1 of 2018 with net profit of AZN 3 million

15:27 - 14.05.2018


May 14, Fineko/abc.az. AzSigorta, one of the leading insurers of Azerbaijan, completed with profit the first quarter of 2018.

The insurance company informs that in Q1 of the year its net profit amounted to AZN 3.026 million.

Over the past quarter AzSigorta’s total income, including basic operating, investment and other earnings totaled AZN 9.407 million that is by AZN 162,460 more than for the 2017 same term.

In Q1 the insurer reduced its expenses by AZN 4.25 million versus the same term of 2017. Thus, in Q1 of 2017 this indicator reached AZN 9.875 million, whereas in Q1 of 2018 it amounted to AZN 5.6 million. Of them, AZN 2.537 million were directed for basic operating expenditures, AZN 3.07 million for execution of works and AZN 12,366 for other expenditures. As a result, pre-taxation profit totaled AZN 3.78 million, while net profit amounted to AZN 3.026 million.

"In Q1 of 2018 our net profit almost approached to AZN 3 million. And this is an indicator that we have chosen the right path of development. The new business strategy we adopted last year is already bearing fruit. The first positive trends in financial indicators are noticeable. We have taken bold decisions which have shown how stable the company had been during the crisis. Currently, we continue work to achieve our goals," AzSigorta chairman of board Anar Talibov said.

AzSigorta, one of country’s leader insurers, has been operating since 2006.

International rating agency Fitch affirmed the rating of reliability and financial stability of the company at the level of "B".

 

 

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