"Sil Insurance" Company Replenishing its Authorized Capital by 500 mln AMD

"Sil Insurance" company has replenished its authorized capital by 500 mln AMD. The company's press-office has informed ArmInfo the decision was taken during the special meeting of the shareholders.  

As a result, the company's authorized capital has totaled 2 bln AMD.  The raised money will allow the company to consolidate its positions in the market and create new infrastructure divisions.  

According to the Financial Rating of Armenian Insurance Companies prepared by ArmInfo, as of April 1, 2015 "Sil Insurance" Company is 4th by authorized capital - 1.5 bln AMD, 5th by its own capital - 1.3 bln AMD, 6th by assets - 3.5 bln AMD. In Q1 2015 "Sil Insurance" company's own capital increased by 3.4%, assets - 10.4%. The accumulated loss of the company totaled 372.2 mln AMD with 56% annual growth and 11.6% fall in Q1. The company is 3rd by insurance fees - 1.4 bln AMD (with 13% y-o-y growth) and 4th by paid indemnities - 407.7 mln AMD (with 15.8% y-o-y fall). The company finished Q1 with 48.5 mln AMD net profit (4th place) against 38.6 mln AMD in 2014.

As of April 1, 2015 Sukiasyan family and Areconombank OJSC are the stockholders of "Sil Insurance" with 80% and 20% share participation respectively. At the moment there are 274 agents in the company - 235 individuals and 39 public payers.  (The exchange rate for May 20 2015 was 479.77 AMD/1 USD).