Monday, April 4 2011 17:11
Over Q4 2010 summary losses of Armenian insurers grew 6 times with preparation for motor third party liability insurance
ArmInfo. Over Q4 2010 the summary net loss of insurance companies grew 6 times to 979 mln AMD by Jan 1 2011. This was preceded by considerable reduction in this index over the previous two quarters (33 times in Q2 to positive 11 mln AMD, and 15 times in Q3 to negative 152 mln AMD) conditioned by long-lasting crisis phenomena, while preparation for motor third party liability insurance (MTPL) was going on, says the quarterly report of the Central Bank of Armenia.
The profit of the Armenian insurance companies annually dropped thrice from positive 776 mln to a negative level. Meanwhile, the accumulated profit of the insurers fell twice annually and over Q4 (against 11.6% decline in Q3).
According to the CBA, the receipts of the Armenian insurance companies grew by 25.4% in Q4 2010, and by 2% annually, having totaled 8.3 bln AMD against 37.5% growth in Q3. Indemnities grew by 32% in Q4 2010 (against 69.3% growth in Q3), and annually fell by 8% to 1.7 bln AMD.
By Jan 1 2011 the summary assets of the Armenian insurance companies amounted to 25.6 bln AMD, having grown by 30% in Q4 2010 (against 14.3% growth in Q3), and by 51% annually. In the structure of assets, the fixed assets totaled 1.1 bln AMD (47% quarterly growth, 80% annual growth), cash assets - 32 mln AMD (tenfold quarterly growth, 39% annual growth), receivables - 1.5 bln AMD (twofold quarterly growth, threefold annual growth). The share of AMD assets made up 64% or 16.3 bln AMD, and foreign exchange assets made up 36% or 9.3 bln AMD.
By 1 Jan 2011, the total liabilities of insurance companies of Armenia amounted to 13.1 bln AMD, having grown by 85% over Q4 2010 (against 22.4% growth in Q3), and thrice annually. The share of AMD liabilities made up 90% or 11.8 bln AMD, and foreign exchange ones - 10% or 1.3 bln AMD. The insurance reserves of the local insurance companies underwent no changes in Q4 2010 (against 1.8% growth in Q3), having totaled 2.9 bln AMD, which is 7.3% higher than the index of 2009. The payables reached 126 mln AMD, with the quarterly growth being 38.5% and annual growth being 20%.
The summary total capital amounted to 12.5 bln AMD, having declined by 1% in Q4 2010 (against 9.8% growth in Q3), and by almost 2% annually. The authorized capital as of 1 Jan 2011 made up 12.1 bln AMD, with the quarterly growth being 10.3% (against 13.8% growth in Q3) and the annual growth being 10.8%.
According to the CBA, as of 31 Dec 2010, the number of agreements in force made up 52412 (by 6621 agreements decline in Q4 2010 against by 9125 agreements growth in Q3), the insurance amount of which exceeded 3.053 trln AMD, with quarterly and annual decline being 6-10% (against 9.5% growth in Q3). The indices are calculated for 9 companies.
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