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Azerbaijan's Qala Insurance ends 2021 with profit

Finance Materials 31 March 2022 16:12
Baku, Azerbaijan Trend News Agency
Azerbaijan's Qala Insurance ends 2021 with profit

The net profit of Azerbaijan's Qala Insurance Company (IC) amounted to 9.37 million manat ($5.5 million) in 2021, Trend reports citing the insurance company's balance sheet, published in Khalq qazeti (People's newspaper).

According to the data confirmed by the audit opinion, the company's revenues in 2021 totaled 43.36 million manat ($25.5 million) while its paid insurance premiums made up 43.8 million manat ($25.78 million).

Last year's expenditure of Qala Insurance reached 31.67 million manat ($), whereas its refunded premiums amounted to 2.29 million manat ($1.3 million), regulatory cost - 63,534 manat ($37,393), premiums transferred for reinsurance - 12.2 million manat ($7.18 million), deductions to the preventive measures fund - 292,057 manat ($171,900), and business expenses - 11.08 million manat ($6.5 million).

Company profits before taxes totaled 11.68 million manat ($6.8 million) whilst income tax payments made up 2.3 million manat ($1.35 million).

In 2021, Qala Insurance's assets increased by 11.25 percent, up to 52.8 million manat ($31.07 million), whereas its capital rose by 66.96 percent, up to 19.8 million manat ($11.6 million). The company's liabilities decreased by 7.3 percent, down to 33.04 million manat ($19.4 million) compared to 2020.

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