Friday, June 13 2014 20:23

In Q1 2014 Armenian insurance companies demonstrated 1.2 bln AMD profit


ArmInfo. In Q1 2014 the Armenian insurance companies demonstrated a 1.2 bln AMD net profit versus 597.1 mln AMD negative profit in Q4 2013. As compared with Q1 2013, the aggregate net profit of the 7 insurance companies of Armenia rose 3.5-fold. According to the Ranking of Insurance Companies of Armenia prepared by the Agency of Rating Marketing Information (ArmInfo), Garant Insurance was in the lead in net profit - 324.5 mln AMD versus 195.2 mln AMD negative profit in Q4 2013. As compared with Q1 2013, the company's profit grew more than 6-fold. It should be noted that Garant Insurance is still being merged with Rosgosstrakh Armenia, therefore, its premiums and payouts underwent 95.1% and 61.4% quarterly decline, respectively. As compared with Q1 2013, these indices dropped by 99.7% and 74.3% respectively.

Rosgosstrakh Armenia ranks next with a 286.3 mln AMD profit versus 35.4 mln AMD negative profit in Q4 2013 and 1.2 mln AMD in Q1 2013. RESO is the third with a 241.5 mln AMD profit versus 124.4 mln AMD negative profit in Q4 2013. As compared with Q1 2013, this company increased its profit almost 13-fold.

Nairi Insurance is the fourth with a 189.9 mln AMD profit (up 87.8% versus Q4 2013 and up 45.1% versus Q1 2013). Armenia Insurance is the fifth with a 113.9 mln AMD profit (down 6.2% versus Q4 2013 and up 61.6% versus Q1 2013). INGO Armenia holds the 6th position with a 107.4 mln AMD profit versus 367 mln AMD negative profit in Q4 2013. As compared with Q1 2013, the company's profit dropped by 11.9%. Only Sil Insurance demonstrated negative profit in Q1 2014 - 38.5 mln AMD (the negative index declined by 60.5% versus Q4 2013 and by 27.3% versus Q1 2013).

To note, in Q1 2014 the aggregate insurance premiums rose by 41.5% to 10.1 bln AMD. In the meantime, the payouts of the insurance companies dropped by 3.5% to 4.9 bln AMD by 1 April 2014. As compared with Q1 2013, the aggregate premiums of the 7 insurance companies dropped by 10.1%, while the payouts rose by 5.2%.

As of 1 April 2014, there were 7 companies in the insurance market of Armenia. The Armenian insurance market provides 16 out of 18 insurance classes. (As of 31 March 2014, the USD/AMD exchange rate was 413.31 AMD/ 1 USD).
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