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Azerbaijan’s Pasha Life Insurance completes 2021with profit

Finance Materials 31 March 2022 18:59
Baku, Azerbaijan Trend News Agency
Azerbaijan’s Pasha Life Insurance completes 2021with profit

The net profit of the Azerbaijani insurance company Pasha Life Insurance amounted to 17.7 million manat ($10.4 million) in 2021, Trend reports with reference to the company’s balance sheet published in “Xalq qazeti” (Xalq newspaper).

According to the data confirmed by the audit report, the company's income amounted to 291.779 million manat ($171.6 million), paid insurance premiums - 312.23 million manat ($183.6 million) in 2021.

Expenses of Pasha Life Insurance amounted to 268.21 million manat ($157.7 million), returned premiums - 7.5 million manat ($4.4 million), premiums transferred for reinsurance - 1.48 million manat ($870,500), business expenses - 53.849 million manat ($31.6 million), other expenses – 340,299 manat ($ 200,000) in 2021.

The company's profit before taxes amounted to 23.5 million manat ($13.8 million), income tax payments - 5.8 million manat ($3.4 million) in 2021.

The company's assets decreased by 0.69 percent - up to 393.5 million manat ($231.4 million), liabilities - by 0.24 percent - up to 327.02 million manat ($192.3 million), capital decreased by 2.85 percent - up to 66.5 million manat ($39.1 million) in 2021 compared to 2020.

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