Tuesday, October 4 2011 16:32
Assets of Armenian insurance companies up 17,2% - to $79.9 mln for first half-year 2011
Arminfo. The aggregate assets of 8 insurance companies of Armenia grew twofold versus the first half-year 2010, by 17,2% - in the first half of 2011, and dropped by 1,6% in the 2Q, having amounted to 29.5 bln drams ($79.9 mln). The share of the GDP was 2,2% at the end of the period under report.
According to the Ranking of insurance companies prepared by ArmInfo, the following insurance companies entered the leading three by the size of assets according to the results of the first half of 2011: "Rosgosstrakh-Armenia" (6.5 bln AMD), "INGO Armenia" (5.9 bln) and "RESO" (3.3 bln AMD). "Nairi Insurance" is the forth (3.2 bln AMD.) and "Garant-Limens" the fifth - (2.9 bln AMD).
The share of the current assets in the structure of assets was 88% or 25.9 bln drams, the volume of which grew by more than twofold versus them first half-year of 2010 (and by 13,6% in the first half of 2011). "Rosgostrakh-Armenia" is the leader by the volume of the current assets - 5.6 bln AMD (86,4% of the total assets of the company), and "Sil Insurance" fixed the minimal size of the current assets - 1.7 bln AMD (80,2% of the total assets of the company).
The share of the current financial investments was 72,1% or 21.2 bln AMD. Since the beginning of the current year this indicator has grown by 28,2%, and more than twofold versus the first half of 2010. Here the leaders with this indicator are: "INGO Armenia" - 4.6 bln AMD (78,1% of total assets), "Rosgostrakh-Armenia" - 4.4 bln AMD (67,1%) and "Cascade Insurance" - 2.4 bln AMD (77,6%). The minimal size of the current financial investments was fixed at "Sil insurance" - 1.4 bln AMD (63,3% of total assets). The financial investments of the three insurance companies were placed in deposits, and of the rest 5 - distributed between investments in securities and deposits. The short-term receivables of all the insurance companies were mainly concentrated at the expected sums on insurance and insurance premiums which should be transferred.
Over Jan-June 2011 the short-term receivables of 8 insurance companies amounted to 3.3 bln AMD. As compared to Jan-June 2010, this index increased over twice, over the first half of 2011 - by 44.6% (37.8% decline over Q2). The maximal volume of the short-term receivables was fixed in INGO Armenia - 751.3 mln AMD and Rosgosstrakh-Armenia - 718.6 mln AMD, and the minimal volume was registered in RASCO - 62.7 mln AMD.
As of 1 July 2011, the share of monetary funds and their equivalents in total assets made up 3.7% (1.1 bln AMD), having annually increased by 3.4% (69.7% decline over the first half of 2011, 5.4% growth over Q2 alone). The leader in terms of monetary funds and their equivalents was Rosgosstrakh Armenia - 536.3 mln AMD, and the minimal index was fixed in RASCO - 25.4 mln AMD.
To remind, over 2010 the following companies left the insurance market of Armenia: London-Yerevan (the portfolio was mostly transferred to Rosgosstrakh-Armenia), Alpha-Insurance (its portfolio was transferred to Rosgosstrakh Armenia), and Griar Insurance (its portfolio was mostly transferred to INGO Armenia). In April 2011 the ISG insurance company left the market and transferred its portfolio to RASCO.
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