Armenian Insurers Increasing Net Worth by 4.5% yoy with a 1.2% Quarter Decrease

ArmInfo. As of Jul 1, 2015 the net worth of the 6 operating insurance companies in Armenia totaled 14.9 bln AMD with a 4.5% yoy growth. In Q2 the indicator decreased by 1.2%. By the Ranking of the Armenian insurance companies, prepared by ArmInfo News Agency, 87,6% or 13.1 bln AMD accounted for the registered capital in the net worth structure.

According to the Ranking, in matter of net worth the first place goes to Rosgosstrakh Armenia - 4.752 bln AMD (55.% yoy growth amid 0.4% quarter decrease). Ingo Armenia comes the second - 2.757 bln AMD (9.2% yoy fall amid 6.4% quarter growth). Armenia Insurance takes the third place - 2.329 bln AMD (14% yoy fall amid 24.2% quarter fall).  Then come Nairi Insurance - 2.064 bln AMD (6.4% yoy growth amid 1.3% quarter growth), Sil Insurance - 1.731 bln AMD (26.6% yoy growth amid 28.9% quarter growth) and RESO - 1.302 bln AMD (40.4% yoy fall amid 0.3% quarter growth).

The share of the accrued revenue in the total worth of the Insurance Companies is 10.9% or AMD 1.624 billion. This Indicator increased for 31.7% in the annual breakdown, having a downturn in the second Quarter  of 29.2%. Four out of six insurance companies operating in the market completed the Quarter with profit. The first place on this indicator is retained by Armenia Insurance with AMD 1.276 billion (annual downturn of 23.5%, Quarterly - 37.2%). The second place is taken by Nairi Insurance with accumulated profit of AMD 720.7 million (annual growth of 11.2%, Quarterly - 4.7%). The third place is taken by INGO Armenia - AMD 352.2 million (with annual growth of more than twice, and Quarterly for 80.2%).  The fourth place is taken by Rosgostrakh Armenia with AMD 303.4 million (against the loss of the previous year, and Quarterly downturn of 6.3%). According to the results of the Q2 the following companies had loss: SIL Insurance - AMD 460.5.2 million and RESO - AMD 568.13 million.

The current liabilities of the insurance companies totaled 24.1 bln AMD or 61,7% in the total equities with a 10.3% yoy decrease and 3.7% fall in Q2 alone. In the current liabilities the share of loan receivables totaled 8,6% or 2.074 bln AMD with 18.4% yoy growth amid 5.8% quarter fall. The share of the insurance reserves totaled 14,9% or 3.583 bln AMD with 10% yoy fall amid 1.9% quarter growth. The Top 3 of insurance reserves includes Rosgosstrakh Armenia - 1.408 bln AMD (2% yoy fall amid 9.6% quarter growth), Ingo Armenia -  - 739.1 mln AMD (0.4% yoy growth amid 0.2% quarter fall) and Nairi Insurance - 701.5 (24.8% yoy fall amid 26.3% quarter fall). Then come Sil Insurance - 266.3 mln AMD, Armenia Insurance - 260.8 mln AMD, RESO - 206.9 mln AMD.

To note: SIL Insurance topped-up its foundation capital in May for AMD 500 million. As a result, the foundation capital of the Insurer reached the level of AMD 2 billion.

To mention: 17 out of 19 of the Armenian Insurance Companies are operating by the classes of insurance, except for the railway transport and insurance of judicial and non-judicial costs. INGO Armenia is licensed by 16 classes of licensing (it is the only company operating in the class of insurance of the waterborne transport), followed by Rosgostrakh Armenia by the number of licensing classes - 15 classes ofinsurance (the only company operating in the field of insurance of the credit risks). (The settlement USD exchange rate for 30.06.15 was AMD 472.53 for USD 1).