Friday, March 13 2015 19:34
Accumulated profits of Armenian insurance companies up 5.5-fold for 2014
ArmInfo. The accumulated profits of the Armenian insurance companies totaled 1.834bln drams in 2014 versus 331.8 bln drams in 2013, with a 5.5-fold growth year over year. The accumulated profits of the Armenian insurance companies for Q4 2015 fell 5.5%. According to the Ranking of the Armenian Insurance Companies prepared by ArmInfo, four out of the six companies operating in the market received profits in 2014. Armenia-Insurance was the leader with 1.913 bln drams accumulated profits , with a 26.2% y-e-y growth and 6.2% growth for Q4. Nairi Insurance
Compoany is on the second place with 723.4 mln drams accumulated profits (19% y-e-y decline and 14.5% growth for Q4). INGO Armenia Insurance Company was the third with 149.8 bln drams accumulated profits versus 249.5 mlon drams loss in 2013 (64.4% decline for Q4). Rosgosstrakh-Armenia Insurance Company was the 4th with 75.5 mln drams and 2-3-fold y-e-y and quarterly growth (versus previous loss). Meanwhile, Sil Insurance Company's decline for 2014 amounted to 421 million drams and RESO Insurance Company suffered 607 million drams decline for the year under review.
According to the source, the equity capital of the insurance companies for 2014 totaled 14.6 bln drams with a 14.7% y-o-y growth and 3.7% decline for Q4 2014 (35.9% of total liabilities and capital). The statutory capital of insurance companies accounted for 86.4% of equity capital or 12.6 bln drams. The accumulated profits accounted for 12.6% of the equity capital.
Top three insurance companies by the equity capital were Rosgosstrakh Armenia Insurance Company - 4.523 bln drams (77.1% y-o-y growth and 3.3% for Q4), Armenia Insurance Company - 2.953 bln drams (15.9% y-o-y growth and 4% for Q4), and INGO-Armenia Insurance Company - 2.484 bln drams (10.8% y-o-y decline and 23.9% for Q4).
Then go Nairi Insurance with 2.076 bln drams (5% y-o-y decline and 7.9% growth for Q4), Sil Insurance - 1.299 bln drams (10.8% y-o-y decline and 5% for Q4), and RESO Insurance Company - 1.263 bln drams (5.8% y-o-y growth and 8.6% decline for Q4).
Aggregate current liabilities totaled 26 bln drams accounting for 64% of the total liability and capital, with a 16.6% y-o-y decline and 3.9% decline for Q4. The current payables account for 14/7% in total liabilities or 3.829 bln drams with a 0.1% y-o-y growth and 86% for Q4. Insurance reserves account for 13.3% in total liabilities or 3.462 bln drams (26.8% y-o-y decline and 14% for Q4). Top three insurance companies in terms of the insurance reserves were Rosgosstrakh Armenia - 1.324 bln drams (33.9% y-o-y decline and 24.4% for Q4), INGO Armenia - 708.2 mln drams (4.6% y-o-y growth and 2% for Q4), Nairi Insurance - 705.8 mln drams (18.7% y-o-y decline and 6,4% for Q4), RESO - 261 mln drams (63.9% y-o-y and 16% quarterly decline), Sil Insurance - 236.2 mln drams (3.9% y-o-y growth and 11.1% decline for Q4), Armenia Insurance - 226.5 mln drams (1.5% y-o-y decline and 9.2% for Q4).
To recall, the insurance companies of Armenia provide 16 out of 19 insurance lines registered in Armenia. INGO Armenia is the only company to provide all the 16 insurance lines. ROSGOSSTRAKH Armenia provides 15 insurance lines (the only company providing insurance of loan risks). (exchange rate for Dec 31 2014 was 474.97 AMD/1USD).
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