Thursday, December 9 2010 19:07
Over Jan-Sep 2010 equity capital of 10 insurance companies of Armenia grew by 15,2% to $34.5 mln
ArmInfo. Over Jan-Sep 2010 the summary amount of equity capital of the 10 insurance companies of Armenia increased by 15,2%, and by 64,6% as compared with Jan-Sep 2009, having totaled 12.5 bln AMD ($34.5 mln) by 1 October 2010. In the structure of the summary equity capital of the 10 insurance companies, the share of the authorized capital made up 86,1% or 10.7 bln AMD ($29.7 mln), and the share of accumulated profit made up 10,6% or 1.3 bln AMD ($3.7 mln).
The accumulated profit at a positive level was fixed in 4 insurance companies - 1.8 bln AMD, and the one at a negative level - in the rest 6 insurance companies - 0.5 bln AMD. In particular, the biggest level of accumulated loss (with more than two-fold growth over Jan-Sep 2010) was fixed in RESO, which may be conditioned by the fact that the company started operating in Armenia's insurance market in late Q3 2009.
According to the Ranking of Insurance Companies of Armenia prepared by the Agency of Rating Marketing Information (ArmInfo), by the amount of the equity capital by 1 October 2010 RESO and INGO Armenia were in the lead - 1.582 bln AMD and 1.571 bln AMD respectively. The minimum amount of the equity capital was fixed in Griar Insurance - 0.8 bln AMD. Griar Insurance exclusive (the company is leaving the insurance market of Armenia), the minimum amount of the equity capital was fixed in SIL Insurance - 1 bln AMD.
By the accumulated profit, INGO Armenia and RASCO are in the lead - 0.7 bln AMD and 0.6 bln AMD respectively. Over Jan-Sep 2010 the summary accumulated profit of the 10 insurance companies decreased by 9%, and by 14,7% as compared with Jan-Sep 2009 due to the reduction of this index in 4-5 compaies and growth of the negative level in 2-3 companies. The summary current liabilities of the 10 insurance companies amounted to 6.7 bln AMD (32,8% in liabilities), having increased by 37,6% over Jan-Sep 2010, and by 86,4% as compared with Jan-Sep 2009. In their structure the share of current payables made up 25,7% or 1.7 bln AMD (17,3% growth over Jan-Sep 2010 and 36,6% growth as compared with Jan-Sep 2009).
Over Jan-Sep 2010 the volume of insurance reserves grew by 21%, and by 87% as compared with Jan-Sep 2009, having totaled 3.7 bln AMD, their share in the current liabilities being 55,7%. By the amount of insurance reserves, INGO Armenia and Rosgosstrakh-Armenia were in the lead - 1.1 bln AMD (75,6% in the current liabilities of the company) and 1 bln AMD (45% in the current liabilities of the company) respectively. Rosgosstrakh-Armenia ensured the biggest growth over Jan-Sep 2010 and the biggest annual growth - by 91% and over twice respectively. The minimum amount of insurance reserves was fixed in ISG - 0.042 bln AMD (5,3% in the current liabilities of the company), with the biggest drop over Jan-Sep 2010 and the biggest annual drop being 48-55%.
To note, over the period under review 2 insurance companies already left the market: Alpha-Insurance (its main insurance portfolio being acquired by Rosgosstrakh-Armenia) and London-Yerevan (being merged with Rosgosstrakh-Armenia). In October 2010 the process of merger of Griar Insurance with INGO Armenia was over.
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