Pasha Life Insurance starts implementation of new strategy

Pasha Life Insurance starts implementation of new strategy
# 01 February 2013 10:16 (UTC +04:00)

Baku. Vahab Rzayev – APA-Economics. Pasha Life Insurance’s premiums in 2012 stood at AZN 14.697 mln (+80%), payments – AZN 360,000 (+2 times). As of January 1 2013, company’s authorized capital was equal to AZN 15.050 mln (+2.2 times).

During today’s press conference on annual outcomes, it was noted that Pasha Life Insurance is taking steps to improve its operations. The Company informs that in 2012 it endorsed a three-year strategic development plan for 2013-15. ‘Main targets of the strategy – extension of agency and representation network and improvement o corporate management system at the company’, said head of risks management department Parviz Guliyev.

‘The amount of premiums is forecasted at AZN 17 mln in 2013. And share of compulsory insurance is considered to reduce up to 55%. Within this year the company is expected to open 4 branches and a representation,’ he added.

Note that Pasha Life Insurance has been in operation since February of 2011.

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THE OPERATION IS BEING PERFORMED