Wednesday, May 23 2012 15:40
Current liabilities of 8 insurance companies of Armenia up 46% for Q1 2012
ArmInfo. Total current liabilities of 8 insurance companies of Armenia grew 46% for Q1 2012 to 21.3 bln drams as of April 1 2012 (59.3% of liability and capital). The given indicator grew 21.3% as compared to the same period of 2011.
Ranking of Armenian Insurance Companies prepared by Agency of Rating Marketing Information (ArmInfo) says the share of current receivables in the current liabilities totaled 15.4% or 3.2 bln drams. Insurance reserves of 8 insurance companies grew 77.7% for Q1 2012 (up 31.5% versus Q1 2011) to 15.2 bln drams. Insurance reserves in current liabilities made up 71.3%. Insurance reserves of Rosgosstrakh- Armenia Insurance Company were the largest - 4.3 bln drams, while this indicator of Sil Insurance Company was the lowest - 663.7 mln drams.
By data of the Ranking of Armenian Insurance Companies the total capital stock of 8 insurance companies for Q1 2012 fell 2.5% to 14.5 bln drams ($37.2 mln) as of April 1 2012. Capital stock of the companies grew 5.5% versus Q1 2011. Rosgosstrakh-Armenia Insurance Company was the leader in terms of capital stock as of April 1 2012 - 2.3 bln drams (up 4.4% versus Q1 2011). INGO Armenia goes the next with 2 bln drams (up 11.4%). RASCO is the third with 1.8 bln drams (up 13.3%). Capital stock of Sil Insurance Company was the smallest - 1.6 bln drams, which is even by 2.1% less than a year ago.
In the structure of capital stock of the insurance companies the share of statutory capital was 84.6% or 12.3 bln drams, with the share of accumulated profits being 12.7% or 1.8 bln drams. Five insurance companies accumulated profits, while RESO, Rosgosstrakh Armenia and Cascade Insurance suffered loss. RESO Insurance suffered the steepest decline - 268.2 mln drams due to its relatively short period of operation in the insurance market (since Q3 2009). The company launched active operation on in Q4 2010. Rosgosstrakh-Armenia Company's loss amounted to 208.8 mln drams. Cascade Insurance suffered 97.7 mln drams loss.
Total accumulated profit of 8 insurance companies grew 11.6% versus Q1 2011 and fell 32% for Q1 2012. INGO Armenia was the leader in terms of accumulated profit - 921.2 mln drams (up 12.3%). RASCO Insurance was the second with 857.2 bln drams (up 34.1%).
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