Tuesday, November 2 2010 10:54
Armenian insurers functioned with loss in 3rd Q 2010
ArmInfo. Accumulated net profit of insurance companies reduced over the 3rd quarter 15 times to 152 mln drams. This was preceded by more essential reduction of this indicator in the second quarter (33 times to plus 11 mln drams), which is conditioned by consequences of the financial crisis and serious preparation to MTPL, quarterly report of Armenia's Central Bank, provided to ArmInfo, says.
Profit of Armenian IC reduced 9 times per annum, over 9 months of 2010 - 5 times. Meanwhile, accumulated profit of insurers reduced in 3Q by 11,6%, against growth in 2Q due to withdrawal of two loss-making companies from the market.
According to the Armenian CB data, the dues of Armenia's insurance companies over 3Q 2010 grew by 37,5% to 6.6 bln drams. The volume of insurance premiums of insurance companies grew by 13, 1% per annum, and reduced by 18,8% over 9 months.
The level of compensations reduced by 9,7% per annum and made up 1.3 bln drams. This indicator over 9 months of 2010 reduced by 30,4%, and grew by 69,3% over 3Q.
Total assets of the operating insurance companies of Armenia as of October 1, 2010, reached 19.7 bln drams having increased over 3Q by 14,3%. Assets of insurance companies over 9 months of 2010 increased by 16,1%, and by 39% per annum. In the structure of assets, fixed assets made up 763 mln drams, and monetary funds - 32 mln drams.
Total capital of insurers made up 12.6 bln drams (9,8% quarterly growth), 11 bln drams of which fell on the authorized capital (13,8% quarterly growth). Insurance reserves of the local IC grew over 3Q by 1,8% to 2.9 bln drams. Insurance reserves grew over 9 months 2010 by 7,3%, and by 21% per annum.
According to Armenian CB data, the number of valid agreements as of September 30, 2010, made up 59033 (quarterly growth - by 9125 agreements), the insurance amount on which exceeded 3.250 trln drams (9,5% quarterly growth). Total of 11 IC were registered in Armenia as of October 1, 2010, however, the indicators have been calculated on 10 companies.
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