Friday, October 7 2011 13:11
Armenian insurance companies complete first half-year with a profit 1.981 bln drams
Arminfo. The net profit of the insurance companies of Armenia for the first half of 2011 amounted to 1.981 bln drams or $5.2 mln. They completed the first half of 2010 with a loss at 38.042 mln drams.
Only in the 2Q 2011 the net profit of the insurance companies amounted to 802.9 mln drams, which is threefold more than in the 2Q 2010. The highest level of profit - 210.5 mln drams were provided by the insurance company "Rosgossrakh- Armenia", which increased its profit by 3 times versus 2Q 2010. The second is "RESO" - 155.7 mln drams, then comes "Nairi Insurance" with a profit 145 mln drams (growth by about 6 times). The forth is "INGO Armenia" with an indicator 112.3 mln drams (growth by more than threefold). "RASCO" is the last in the leading five - 64.9 mln drams with the annual growth by almost 3 times. "Garant-Limens", "Cascade Insurance" and "Sil Insurance" with net profit 60.4 mln drams, 34.1 mln drams and 20 mln drams respectively, occupied the 6th, 7th and 8th places.
According to the Ranking of insurance companies of Armenia prepared by Arminfo, by the results of the first half-year 2011, "Rosgostrakh-Armenia" is the leader by the volume of net profit - 697.7 mln drams. The least profit was provided by "Cascade Insurance" with net profit - 24.9 mln drams.
By the line of insurance Armenian insurance companies provided profit in an amount of 4.562 bln drams or $12.4 mln for the first half-year 2011, which is by fourfold more versus the first half of 2010. This indicator was 2.1 bln drams in the 2Q 2011, which is by 3 times more than in the 2Q 2010. All the 8 insurance companies fixed profit according to the results of the first half-year and 2Q. The highest indicator was fixed at "Rosgostrakh- Armenia" and the lowest at "Sil Insurance".
The aggregate profit of insurance companies allowed to increase ROE and ROA up to 18,4% and 6,75% respectively. By the level of ROE "INGO Armenia" occupied the first place (34,7%), and "Cascade Insurance" the last one (1,45%). By the level of ROA, "Nairi Insurance" occupied the first place (11,98%), and "Cascade Insurance" the last one (0,8%).
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