Insurers Bureau ended 2018 with a loss

12:02 - 9.01.2020


January 9, Fineko/abc.az. The Compulsory Insurers Bureau completed 2018 with a loss of AZN 3.067 million.

ABC.AZ informs that the relevant indicator is covered by the financial report of the organization.

According to the report, in 2017 CIB’s profit amounted to AZN 546,000.

The document says that in 2018 the income from CIB’s declared premiums amounted to AZN 7.893 million (4.2% more against 2017), compensation expenses AZN 644,000 (by 20.6% less), losses from changes in the reserve for compensation AZN 3.955 million (revenue was in the previous year), net financial profit AZN 996,000 (by 10.75% less), losses from foreign exchange AZN 434,000 (revenue was in the previous year), other income AZN 39,000. Loss on the exchange of intangible assets reached AZN 531,000 (29.2% less), general and administrative expenses AZN 2.555 million (6.2% less), damage from changes in the reserve for contracts with severe conditions AZN 468,000 (63.1% less), and income tax payments AZN 5.476 bn (no income in the previous year).

As of 1 January 2019 CIB's assets amounted to AZN 36.464 million (by 1.1% more versus the previous year). Of them, term deposits totaled AZN 10.254 million (30.9% more than a year ago) and investment securities AZN 10.779 million (98.25% more).

During the reporting period Bureau's liabilities increased by 45.8% and reached AZN 11.025 million, while the balance sheet capital decreased by 10.8% to AZN 25.439 million.

 

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