Friday, August 30 2013 17:26
Profit of Armenian insurance companies down more than twofold because of big insurance payments
Arminfo. According to the results of the first half of 2013, net profit of Armenian insurance companies reduced by 2,4 times. So, seven insurance companies of Armenia accumulated the loss 190 million drams for the first half of 2013. According to the Insurance Ranking prepared by Arminfo, at the same period of 2012 the insurance companies of Armenia had a profit 487,6 million drams.
Only 3 insurance companies completed the first halfyear with a profit, "Nairi Insurance" is the leader - 261.3 mln drams. The second and third places were occupied by the insurance companies "Armenia Insurance " and "Sil Insurance", which are comparatively passive by premiums and payments - 140.7 mln drams and 14.1 mln drams profit respectively. Meanwhile, the leading players of the insurance market completed the halfyear with loss. The most loss was fixed at "Rosgosstrakh Armenia" - 289.7 mln drams, then comes "Garant Insurance" - 140.4 mln drams loss, "RESO" - 93.8 mln drams, "INGO Armenia" - 81.3 mln drams.
It should be mentioned that the losses of the leading players at the insurance market were chiefly conditioned by big insurance payments. So, according to the results of the first half of 2013, the insurance companies gathered 22.4 billion drams premiums, by 5% less versus the same period of 2012. Whereas, the payments grew by more than 60% and as of 1 July 2013, amounted to 9.7 bln drams. Only for the 2Q 2013, 7 insurance companies of Armenia gathered insurance premiums - 11.1 billion drams and paid more than 5 bln drams.
According to the Ranking, in the 2Q 2013 the loss of the insurance companies of Armenia amounted to 472 mln drams. They had a profit 443 mln drams for the 2Q 2012.