Tuesday, August 12 2014 19:26

In Q2 2014 accumulated profit of Armenia's insurance companies dropped by 7.5%


ArmInfo. In Q2 2014 the accumulated profit of Armenia's insurance companies dropped by 7.5% to 1.3bln AMD. As compared with Q2 2013 it grew by 45.2%.

According to ArmInfo's Ranking of Insurance Companies of Armenia, the quarterly drop was due to a 46% drop in premiums to 5.5bl AMD and 79% growth in compensation to 8.8bln AMD.

Four companies registered profit in Q2 2014: Armenia Insurance - 1.7bln AMD (5.1% growth as compared with Q1 2014 ad 23.2% growth as compared with Q2 2013), Nairi Insurance - 648mln AMD (40.2% drop and 1.2% growth), INGO Armenia - 154.1mln AMD (against a loss in Q1 2014) and Garant Insurance - 110.7mln AMD (15.6% and 36% drops). The latter will no longer be an independent insurance company as it is joining Rosgosstrakh Armenia.

Three companies recorded a loss: Sil Insuracne (355.5mln AMD), RESO (380.6mln AMD) and Rosgosstrakh Armenia (501.7mln AMD).

In Q2 2014 the own capital of Armenia's insurance companies totaled 16bln AMD (4.1% more than in Q1 2014 and 8.1% more than in Q2 2013). The share of the authorized capital in the own capital was 82.4% or 13.2bln AMD, the share of the accumulated profit was 8.4%.

The current obligations of the companies made up 27bln AMD or 62.7% of all obligations. As compared with Q1 2014 this index dropped by 6.6%, as compared with Q2 2013 it dropped by 2.1%. Payables made up 6.6% of current obligations or 1.8bln AMD (13.6% less than in Q1 2014 and 46.6% less than in Q2 2013). The share of insurance reserves in current obligations was 14.7% or 4bln AMD (4.2% quarterly growth and 49% annual drop).

Rosgosstrakh Armenia, Nairi Insurance and INGO Armenia registered the biggest reserves - 1.4bln AMD, 933mln AMD and 736mln AMD, respectively. The top three is followed by RESO with 414mln AMD, Sil Insurance with 260mln AMD and Armenia Insurance with 201.3mln AMD.

As of June 30 2014 the AMD/USD exchange rate was 407.28 AMD/1 USD.

Armenia's insurance companies provide 16 out of 19 existing insurance classes. Only INGO Armenia has license for all 16 classes (the only company insuring watercraft). Rosgosstrakh Armenia is licensed to provide 15 classes (the only company insuring against credit risks).
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