"Azerbaijan Industrial Insurance" company went from profit to loss last year.
The insurance company ended 2022 with a net loss of 2.5 million manats.
However, the company announced a net profit of 1.9 million manats in 2021.
"APA-Economics" informs about this with reference to the insurance company's financial report for 2022.
Last year, the main operating income of "Azerbaijan Industrial Insurance" amounted to 14.8 million manats (18.4% more than in 2021), directly collected insurance premiums amounted to 14.5 million manats (20.8% more).
The insurance company increased its net insurance reserves by 10.8 times to 6 million manats.
During this period, the insurance company's investment income increased by 8% to 940.1 thousand manats, subrogation income increased by 43.6% to 135.9 thousand manats, and other income decreased by 36.4% to 194.1 thousand manats.
The total income of "Azerbaijan Industrial Insurance" amounted to 10.1 million manats, which is 24% less than in 2021.
During the reporting period, the main operating expenses of the insurance company increased by 5.5% to 7.6 million manats, including insurance payments increased by 13.9% to 4.9 million manats, expenses on reinsurance premiums decreased by 14.3% to 2.4 million manats, the costs of carrying out works increased by 40% and equaled 4.9 million manats.
The total expenses of "Azerbaijan Industry Insurance" were 12.5 million manats, which is 15.7% more than in 2021.
In other words, since the insurance company's total expenses exceeded its total income, the company's financial loss reached 2.5 million manats.
In 2021, the insurance company made the same amount of financial profit.
Since the insurance company did not pay profit tax during this period, its net loss was 2.5 million manats.
As of January 1 of this year, the total assets of the insurance company increased by 2.1 times and reached 42,520 million manats.
The insurance company's net loss of 2.5 million reduced its total capital by 53% to 8,532 million manats.
The insurance company also increased its total liabilities by 4.4 times to 33,987 million manats.