Tuesday, April 20 2010 20:36

RASCO insurance company reduces its activity


ArmInfo. The RASCO insurance company is overcoming the consequences of the crisis with difficulties. In particular, according to the published financial reports, over Q1 2010 the insurance company collected premiums worth 34 mln AMD, which is by 46% lower than over the same period of 2009. As compared with Q1 2008, the decline in the index exceeded 70%. The volume of paid off indemnities amounted to 8 mln AMD.

As of the end of the quarter under review, the total capital of the company amounted to 1.664 bln AMD, of them 968 mln AMD fell on the authorized capital. The net profit of the company declined by 36% as compared with Q1 2009 and amounted to 110.1 mln AMD.

The RASCO insurance company has been operating in the insurance market of Armenia since 2000. "Region" CJSC is the majority shareholder of the company (90% of shares). RASCO is affiliated with Ardshininvestbank. Over the pre-crisis period the company was actively insuring pledged assets. The decline in the company's premiums, as well as in the whole insurance market is conditioned by the fact that the banks reduced the auto-crediting volumes.
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