Finance

Finance

PASHA Life Insurance becomes largest insurers of market

04 April 2016 10:39 (UTC +04:00)

Baku. Yegane Lachinzade - APA-Economics. As of January, 2016, PASHA Life Insurance’s assets stood at AZN 148.6 mln, up AZN 56.8 mln or 62% from previous year.

Company’s spokesman Israil Garayev told APA-Economics that the investment portfolio rose AZN 40.4 mln or 51% to AZN 119 mln, cash deposit raised AZN 40.2 mln or 58% to AZN 110mln, insurance reserves increased AZN 43.6 mln or 96% to AZN 89.2 mln: “PASHA Life Insurance is the largest company of the market by assets, investment portfolio, cash deposit and insurance reserves”.

Garayev also informed about the incomes and expenditures. According to him, total incomes made AZN 46.9 mln, including operating incomes AZN 54.8 mln, investment incomes AZN 9.2 mln and other incomes (generated from difference of the exchange rates) AZN 17.9 mln: “Total expenditures stood at AZN 27.6 mln, including operational expenses at AZN 18.0, other expenses at AZN 9.5 mln. Profit amounted to AZN 19.3 mln. After paying profit tax (AZN 3.9), net profit made AZN 15.4 mln”.

Authorized capital remained unchanged at AZN 40.25 mln, total capital surged AZN 10.9 mln or 25% to AZN 55.7 mln.