Azerbaijan Industry Insurance OJSC earned a net profit of 769,000 manats in January-September this year, reversing a loss of 1.532 million manats recorded in the same period last year.
The insurer’s nine-month revenue reached 26.886 million manats, up 28.2% year on year, according to the company’s financial results. Expenses over the same period rose 15.2% to 25.925 million manats. Azerbaijan Industry Insurance also paid 192,000 manats in profit tax, compared with no tax payment in the previous year.
As of October 1, the company’s assets stood at 32.913 million manats, down 7.55% year on year. Liabilities fell 8.7% to 22.557 million manats, while balance-sheet capital dropped 4.85% to 10.356 million manats.
Azerbaijan Industry Insurance was established in 2008 and is considered the legal successor of CI Sigorta LLC, which had operated since 1996. The company’s charter capital is 11 million manats. Anadolu Investment Company LLC owns 95% of its shares, while Azerbaijan Industry Bank OJSC holds the remaining 5%.
