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MBASK plans to raise assets by 20%

16 September 2008 13:58 (UTC +04:00)

Baku. Nijat Mustafayev â€“ APA-Economics. Azerbaijan-based MBASK Insurance Company intends to increase its assets by 20% by the end of this year.
â€œWe want to achieve a 20% to 30% rise by the end of this year and 30% to 40% after a year,â€ said Kamran Baghirov, the companyâ€™s officer for sales.
He added that there are no plans afoot to raise the share capital this year.
â€œWe are increasing share capital in accordance with the requirements in law. However, we are considering the option of capital rise too,â€ he added.
MBASK Insurance has been in operation since 1992. MBASK is owned by EBRD (30%) and individuals. As of July 1, its authorized capital stood at AZN 2 million.
The company earned AZN 15.047 million in premiums during January-August, up 2.1 times on the same period last year.
The company said AZN 3.778 million went to insurance claims, up 2.3 times on a year earlier.