Tuesday, October 4 2011 18:41
Stockholder equity of Armenian insurance companies up 29.6% to 39.4 mln USD over Jan-June 2011
ArmInfo. The aggregate stockholder equity of the 8 insurance companies of Armenia annually increased by 54.1%, over Jan-June 2011 - by 29.6%, and over Q2 alone - by 5.6%, having totaled 14.5 bln AMD ($39.4 mln).
According to the Ranking of Insurance Companies of Armenia by ArmInfo, over Jan-June 2011 the share of the stockholder equity of the 8 insurance companies in GDP made up 1.1%.
As of 1 July 2011, the leader by the stockholder equity was Rosgosstrakh-Armenia with 2.4 bln AMD (twofold annual growth). INGO Armenia ranks next with 1.9 bln AMD (26.3% annual growth), Nairi Insurance occupies the fourth position with 1.8 bln AMD (62.3% annual growth). The smallest stockholder equity was fixed in Sil Insurance - 1.6 bln AMD, which is by 59.4% higher in 2010.
In the structure of the stockholder equity of the 8 insurance companies, the share of authorized capital made up 82.1%, or 11.9 bln AMD ($32.4 mln), and the share of accumulated profit - 16.5%, or 2.4 bln AMD ($6.5 mln).
Accumulated profit was fixed in 6 insurance companies. INGO Armenia was in the lead with 0.9 bln AMD. The other 2 insurance companies – RESO and Cascade Insurance demonstrated negative profit. The biggest accumulated loss (with essential annual and quarterly decline) was fixed in RESO due to the comparatively short period of operation of the company in the insurance market of Armenia (since late Q3 2009) and its considerable activation over Q4 2010 with introduction of the motor third party liability insurance.
The summary current liabilities of the 8 insurance companies as of 1 July 2011 amounted to 13.9 bln AMD (47.2% of liabilities), having declined by 10.3% over Q2 (almost threefold annual growth). In their structure the share of the current payables made up 19.2%, or 2.7 bln AMD (7.3% growth over Q2, 76.3% annual growth).
Over Q2 2011 the volume of actuarial reserves dropped by 14.3%, but annually grew almost four times to 11.1 bln AMD. The share of reserves in the current liabilities increased from 28% to 80% due to the considerable prevalence of their growth rates over the growth of current liabilities. In terms of actuarial reserves, Rosgosstrakh-Armenia was in the lead with 3.4 bln AMD (84.2% of the company's current liabilities). INGO Armenia ranked next with 2.4 bln AMD (79.3% of the company's current liabilities), and the biggest share of actuarial reserves in the current liabilities was fixed in Nairi Insurance - 89.6%, or 1.4 bln AMD (3rd position). The minimal volume of actuarial reserves was registered in Sil Insurance - 0.4 bln AMD (76.5% of current liabilities), with 4-fold annual growth and 15.4% quarterly decline.
To remind, over 2010 the following companies left the insurance market of Armenia: London-Yerevan (the portfolio was mostly transferred to Rosgosstrakh-Armenia), Alpha-Insurance (its portfolio was transferred to Rosgosstrakh Armenia), and Griar Insurance (its portfolio was mostly transferred to INGO Armenia). In April 2011 the ISG insurance company left the market and transferred its portfolio to RASCO.
Expert: When there is no trust between private and public sectors, unfortunately, there is no need to talk about right decisions
Expert: Armenia should use Georgian, Turkish transit opportunities
Yerevan is trying to demonstrate to its Anglo-Saxon `bosses` its readiness to reduce economic cooperation with Iran - political scientist
Gevorg Mantashyan: High-Tech Ministry makes consistent efforts for emergence and progress of startups in Armenia
Bank of Georgia announces proposed acquisition of Ameriabank for $303.6 million