Insurance sector of Armenia increases tax payments by 22.3% year over year to $3.3mln in 9 months of 2016

ArmInfo. Armenia's insurance sector paid 1.6bln drams taxes or $3.3 mln for 9 months of 2016 with a 22.3% year over year growth.  Direct taxes  (including profit and incomes taxes) accounted for 1.5bln drams of total, which is 21% more than a year ago. Among insurance companies Rosgosstrakh-Armenia Insurance Company and INGO Armenia Insurance Company ensure almost 60% of payments to the state budget. The share of insurance companies in total payments of 1000 top taxpayers made 0.3%. 

In overall 1000 largest taxpayers paid 525 bln drams or $1.1 bln taxes for the abovementioned period. According to the State Revenue Committee, all the 6 insurance companies are among Top 1,000 largest taxpayers of Armenia for the 9 months of 2016.  Rosgosstrakh-Armenia Insurance Company retains leadership taking the 204th place (versus last year's 193rd place) and paying 431.8 mln drams to the state budget, including 403.5mln drams direct taxes (incl. Profit and incomes taxes). Then goes INGO Armenia Insurance Company - 234th place (versus 277th place last year) - 384.1mln drams, incl. 355.9 mln drams direct taxes. Nairi Insurance Company was the 283rd (608th) - 316.3mln drams taxes, incl. 299.8 mln drams direct ones.  Armenia Insurance Company is the 479th (545th) - 168.4mln drams, incl. 162mln drams direct taxes. Sil Insurance goes next at the 487th place (586th) - with 166.2mln drams taxes, incl.  158.5mln drams direct taxes. RESO Insurance Company - 662nd (584th) paying 117.2mln drams taxes, incl. 109.1mln drams direct ones.

According to ArmInfo's Ranking of Armenian Insurance Companies, the accumulated profits of the insurance sector totaled 5.1bln drams as of October 1 2016, increasing 2- fold year over year. As of 9 months of 2016 4 of the operating 6 companies saw accumulated profits, with Rosgosstrakh-Armenia ranking the first again - 2.5bln drams.  Then go Armenia Insurance Company - 1.7bln drams, INGO Armenia - 1.1 bln drams and Nairi Insurance -991.7 mln drams.

Sil Insurance and RESO Insurance companies suffered a total of 1.2bln drams loss. The insurance sector saw 4.5bln drams balance profits for the 9 months of 2016, and 3.9bln drams post-tax net profits (62.7% y-o-y growth).  The top three companies by net profits are Rosgosstrakh-Armenia, INGO Armenia and Nairi Insurance.  (Exchange rate for September 30, 2016 - 474.46 AMD/1USD).