11:16 - 13.05.2025

---

May 13, Fineko/abc.az. In Azerbaijan, despite the growth of insurers' incomes in 2024, there is a decrease in their net profit.

ABC.AZ informs that sector's profit increased by 2.4% and amounted to 228.5 million manats.

However, due to a rise in profit tax more than by 50%, net profit declined by 4.3% - from 195.6 million to 187.2 million manats.

At the same time, the retained earnings in the companies' capital increased from 169.82 million manats up to 221.78 million manats.

The total revenues of insurance and reinsurance companies in 2024 amounted to 1.53 billion manats (12% more than in the previous year). This growth is linked mainly with an increase in insurance premiums by 12.6% and investment income by 36.9%.

Insurance premiums remain the main source of income for the sector, amounting to 1.436 billion manats. The change in net insurance reserves showed a less drastic decrease compared to last year: if in 2023 this figure was 220.6 million manats, then in 2024 it was 114.6 million manats.

A significant decrease is observed in the share of reinsurers' payments - this figure fell 6.2-fold, from 145.2 million to 23.4 million manats.

Total expenses grew by 13.9%, reaching 1.304 billion manats. The main reason for this was the growth dynamics of insurance payments and repayment of contributions. Thus, insurance payments increased by 16%, amounting to 773.6 million manats. The repayment of insurance premiums also increased by 52.5%, exceeding 46 million manats.