Thursday, February 20 2014 18:27
Assets of Armenian insurance companies up 23% for 2013
ArmInfo. In 2013 the aggregate assets of seven insurance companies of Armenia grew by 23% to 47.3bln AMD or $116.3mln. In Q4 2013 alone they grew by 2%.
According to ArmInfo's Ranking of Insurance Companies of Armenia, INGO Armenia had the biggest assets in 2013 - 13.1bln AMD (30% growth in 2013 and 20% growth in Q4 2013), followed by Rosgosstrakh Armenia with 11.7bln AMD (+36.4% and +1%, respectively) and RESO with 7.6bln AMD (+38.6% and -13%). Garant Insurance had the smallest assets - 2.1bln AMD (-43% and -20%).
As much as 87% of the assets were floating assets (41.1bln AMD). In 2013 this index grew by 26%, in Q4 2013 by 3%. Financial investments made up 30.2bln AMD (28% growth in 2013 and 7.7% growth in Q4 2013), short-term receivables made up 8.5bln AMD or 18% of the assets (23% growth in 2013 and 18% drop in Q4 2013). The share of cash in the assets made up 2.5% or 1.2bln AMD (23% drop in 2013 and 42% growth in Q4 2013).
In 2013 the aggregate capital of the companies dropped by 2% to 14.4bln AMD or $35.6mln. In Q4 2013 the index dropped by 1%.
As much as 91.6% of the capital or 13.2ln AMD was authorized capital, 2.7% or 383.7mln AMD was accumulated profit. The latter index dropped by 85% in 2013 and by 54% in Q4 2013. As a result only two companies registered profit in 2013: Armenia Insurance with 1.5bln AMD and Nairi Insurance with 893.5mln AMD. The other five companies registered a loss: Rosgosstrakh Armenia 817.7mln AMD, RESO 667.3mln AMD, Sil Insurance 200.6mln AMD, Garant Insurance 193.3mln AMD and INGO Armenia 142mln AMD.
In 2013 the aggregate obligations of the companies grew by 40% to 32.7bln AMD. In Q4 2013 they grew by 3.3%. Some 11.4% of the obligations or 3.7bln AMD were payables (38.2% drop in 2013 and 37% growth in Q4 2013).
As of Dec 31 2013 AMD/USD exchange rate was 405.64 AMD/1 USD.
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