The revision of the Outlook follows the downgrade of Azerbaijan on 26 February 2016 to Long-term foreign and local currency Issuer Default Ratings (IDR) 'BB+' from 'BBB-'.
The affirmation of the rating reflects the insurer's strong market position
The devaluation has helped AzInsurance generate significant FX gains, as 69% of the insurer's portfolio was placed in USD-denominated instruments at end-2015.
Based on the insurer's unaudited annual results, the net profit improved to AZN17m in 2015.