Insurers with decreasing net profit

17:06 - 25.05.2023

May 25, Fineko/ Out of the 20 insurance companies operating in Azerbaijan, four insurers 4 had low (net) profit last year compared with the previous year.

ABC.AZ reports that among them are Meqa Sığorta, Ipək Yolu Sığorta, joint insurance company Aqrar Sığorta and A-Qrup Sığorta.

The largest decrease was recorded on A-Qrup Sığorta (94.4%) and the smallest on Meqa Sığorta (3.6%).

The net profit of eight insurance companies increased – Meqa Həyat Sığorta, PAŞA Həyat Sığorta, Qala Həyat Sığorta, Xalq Həyat Sığorta, Atəşgah Həyat Sığorta, PAŞA Sığorta, Qala Sığorta and Naxçıvan Sığorta. The highest dynamics was recorded on Meqa Həyat Sığorta (3.2-fold) and the lowest on Naxçıvan Sığorta (11.7%).

The loss of 1 insurance company - Günay Sığorta (net) increased by 9.1%, and the losses of 2 insurance companies – Azərsığorta and Atasığorta (net) decreased by 26.9% and 74.6%, respectively.

Four insurance companies - Atəşgah Sığorta, Azerbaijan Industrial Insurance, AzSigorta and Xalq Sığorta – completed last year with loss, but left the previous year with loss, and 1 insurance company - Bakı Sığorta - finished last year with loss. So it was not possible to calculate the dynamics of (net) profit/loss of these companies.