Thursday, August 14 2014 12:50
Average salary in insurance sector of Armenia down 2% in 2014
ArmInfo. Average salary in the insurance system of Armenia totaled 277,000 drams ($680) for the first half of 2014, suffering a 2% decline year over year. According to the Ranking of Armenian Insurance Companies prepared by ArmInfo, 3 out of 6 companies increased the salaries of their employees: Sil Insurance - 42.2% to 202,000 drams (a 2% staff reduction to 194 employees), INGO Armenia - 25.7% (a 21% staff reduction to 245 employees), and Rosgosstrakh Armenia - 2.5% (a 2.9% staff reduction to 338 employees).
The remaining three companies cut salaries for the first half of 2014: RESO - 29.7% top 371,000 drams (a 23.4% staff reduction to 98 people), Nairi Insurance - 23% to 233,000 drams (a 14.7% staff growth to 172 employees), and Armenia Insurance - 14.8% to 238,000 drams (a 1.3% staff reduction to 76 employees on 1 April 2014).
As of 1 July 2014, 1123 people were engaged on the insurance sector of Armenia (a 7.3% y-o-y decline). Rosgostrakh-Armenia Insurance Company's staff is the largest - 338 people. Armenia Insurance has the least employees - 76 people.
The highest salary is at RESO Company (371,000 drams or $911), with the lowest salary is at Sil Insurance (202,000 drams or $495).
Salary costs and the payments equalized to it fell 8.8% y-o-y to 1.9 bln drams or 57.4% of total administrative expenses. Rosgosstrakh Armenia is still the leader with 625.7 mln salary fund. The second by this indicator is INGO Armenia - 437.8 mln drams. The third place belongs to Nairi Insurance - 240.4 mln drams. Then goes Sil Insurance with 234.6 mln drams, RESO Company - 218/2 mln drams. The last in thisl ist is Armenia Insurance with a 108.7 mln drams salary fund.
To note, the figures in the Ranking are based on the balance sheets of the 6 insurance companies, exclusive of Garant Insurance Company that is in the process of merger with Rosgosstrakh Armenia Insurance Company. (The3 AMD/USD exchange rate as June 30 2014 was 407,23/1).