A-Group’s core operating income declined - Report

10:49 - 22.02.2024

February 22, Fineko/abc.az. A-Qroup Sığorta Şirkəti (A-Group) has announced the financial results for 2023, and it became known that company's core operating income decreased, ABC.AZ reports with reference to company's financial statements.

Thus, in 2023, company's core operating income dropped by 3.58 million mantas (14% less against 2022). This is linked with the fact that insurer’s direct insurance premiums fell from 24.63 million manats in 2022 to 21.12 million manats in 2023. However, if in 2022 the company made changes to net insurance reserves in the amount of 4.03 million manats, then in 2023 there were no such expenses, and total revenue amounted to 25.28 million manats.

Insurance company’s total expenses reached 24.41 million manats. Thus, in 2023, the company received 699,000 manats of net profit. In 2022, its net profit exceeded 57,000 manats.

As of January 1, 2024, A-Group had retained earnings for 699,000 manats.