"Silk Road Insurance" OJSC announced its financial report for 2022.
"APA-Economics" reports that the net profit of the insurance company decreased by 6% last year compared to 2021.
During the reporting period, the main operating income of "Silk Road Insurance" increased by 13.2% to 20,669 thousand manats, insurance premiums on direct insurance increased by 31.4% to 20,520 thousand manats.
Investment income of the insurance company amounted to 469.2 thousand manats, which is 1.7% more than a year ago.
In addition, "Silk Road Insurance" had 9.2 thousand manats of subrogation income (not in 2021) and 25.9 thousand manats of other incomes (51.5 times less than the previous year).
Net insurance reserves of the insurance company decreased by 522.9 thousand manats.
As a result, the total income of the company was equal to 20,650 thousand manats, which is 3% more than in 2021.
Last year, the main operating expenses of the insurance company increased by 3% to 17,789 thousand manats compared to a year ago, including insurance payments decreased by 14.7 times to 184.3 thousand manats, the costs of conducting work increased by 4.3% to 1,719 thousand manats.
In general, the total costs of the insurance company increased by 3.7% compared to the previous year and equaled 19,509 thousand manats.
In 2022, the financial profit of "Silk Road Insurance" decreased by 6% to 1,141,000 manats, and its income tax payment decreased by 5.7% to 228,300 manats.
As a result, the insurance company ended last year with a net profit of 913.2 thousand manats.
This is 6% less than in 2021.
The insurance company has grown in the past year.
Thus, as of January 1, 2023, the total assets of "Silk Road Insurance" increased by 36.5% to 32,516 thousand manats, and the total liabilities increased by 2.3 times to 16,773 thousand manats.
The total capital of the company decreased by 6% to 15,743 thousand manats.
It should be noted that "Silk Road Insurance" was established in 1995.
Included in "Silkway Holding" LLC.
Its authorized capital is 14.77 million manats.
38.74% of the company's shares belong to Jamila Jahangir gyzi Asgarova, 38.74% to Malahat Jahangir gyzi Asgarova, 19.05% to "Silk Way Airlines", and 3.47% to "Azerbaijan Airlines" JSC. belongs to