Friday, March 13 2015 20:22

Net profits of Armenian insurance companies for 2014 totals 2.2026 bln drams


ArmInfo. Net profits of the Armenian insurance companies for 2014 totaled 2.026 bln drams versus 705.6 mln drams in 2013. In Q4 2014, this indicator totaled 1.316 mln drams with a 99.8% decline versus Q3.

According to the Ranking of Armenian Insurance Companies prepared by ArmInfo News Agency, Rosgosstrakh Armenia Insurance Company was the leader with 959.1 mln drams net profits versus 508.6 mln drams loss in 2013 (net profits of the company for Q4 2014 totaled 212 mln drams). Armenia Insurance Company was on the second place with 405.1 mln drams with a twofold year -over- year growth (112.3 mln drams for Q4). INGO Armenia rounds out the top three insurance companies wit 399.3 mln drams versus 548.2 mln drams a year ago (271.1 mln drams loss for Q4 2014).

Nairi Insurance Company took the 4th place with 305.1 mln drams net profits and 40.7% y-o-y decline (91.4 mln drams net profits for Q4). RESO retained the 5th position with 111.6 mln drams versus 267.8 mln drams loss for 2013 (76.5 mln drams net profits for Q4). Sil Insurance suffered 154.4 mln drams in 2014 with a 66.7% y-o-y growth of the negative indicator (66.9 mln drams loss for Q4).

According to the source, the aggregate insurance premiums fell 13.3% y-o-y to 29.5 bln drams, with the total indemnities growing 15.2% to 21.5 bln drams in 2014. The premiums collected for Q4 totaled 6.959 bln drams with 0.2% y-o-y growth, while the indemnities fell 12.5% to 3.7 bln drams.

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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