In Q1 2016, tax payments by insurance sector of Armenia increase 9% over year

ArmInfo.Insurance sector of Armenia paid 499.02 mln drams of taxes in Q1 2016, which is 9% more than last year's indicator. From this sum 463.9 mln drams were indirect taxes (profit and income taxes), which is by 6% more than last year's indicator. Rosgosstrakh-Armenia and INGO Armenia insurance companies ensure almost 60% share of tax payments by the insurance companies.

According to the State Revenues Committee of Armenia, Top 1000 taxpayers in Armenia for Q1 2016 included all the 6 insurance companies operating in the country. The leader remains Rosgosstrakh-Armenia - 165th place (versus 147th last year) with 161.6 mln drams taxes, of which 152.4 mln drams were profit and incomes taxes. Then goes INGO Armenia insurance company - 190th place (versus 274th last year) with 133.3 mln drams, of which 121.6 mln drams were profit and income taxes. Sil Insurance Company took the 405th place (versus previous 487th) paying 58.4 mln drams, including 54 mln income and profit taxes. Nairi Insurance Company was the 447th (versus previous 598th) with 52.3 mln drams, including 47.8 mln drams income and profit taxes. RESO Insurance Company took the 455th place (versus 454th place last year) with 50.8 mln drams, including 49.1 mln drams income and profit taxes. Armenia Insurance Company took the 541st place (versus previous 378th) with 42.6 mln drams, of which 39.1 mln drams were income and profit taxes.

According to ArmInfo's Ranking of Insurance Companies of Armenia, the aggregate accumulated profits of the insurance sector for Q1 2016 totaled 3.8 bln drams with a 64.4% growth year on year. Four out of total six companies operated with profits at the result of Q1 2016. Armenia Insurance Company was the leader with profits - 1.6 bln drams. Then goes Rosgosstrakh- Armenia - 1.4 bln drams, Nairi Insurance - 1.1 bln drams, INGO Armenia - 867.04 mln drams. Sil Insurance and RESO increased their losses 1.2 bln drams in total. Balance profit of insurance sector totaled 1.5 bln drams at the end of Q1 2016, which after payment of taxes resulted in 1.3 bln drams of net profit (2.1-fold y-o-y growth). Rosgosstrakh-Armenia, Nairi Insurance and INGO Armenia are the top 3 in terms of net profit. (The exchange rate totaled 480.79AMD/1USD on March 31 2016)