Wednesday, May 23 2012 15:40
Assets of Armenian insurance market up 13.3% for Q1 2012
ArmInfo. Assets of the Armenian insurance market were up 13.3% for Q1 2012 to $91.7 mln. Ranking of Armenian Insurance Companies prepared by Agency of Rating Marketing Information (ArmInfo) says assets of Armenian insurance companies grew19.8% versus Q1 2011.
Out of 8 operating companies, only Cascade Insurance Company suffered decline of assets for Q1 2012 (2.8%). The merger of the company with INGO Armenia, one of the biggest actors in the insurance market, is nearing completion. The merger deal will over at the end of the first half of 2012 and Cascade Insurance Company no longer operate.
INGO Armenia Company has retained leadership in terms of assets - 8 bln drams for late Q1 2012 (up 52.8% versus Q1 2011). Rosgosstrakh-Armenia Insurance Company goes the second with 7.8 bln drams assets (12.4% growth). RESO Insurance Company is the third with 4.1 bln drams (upo 17.2%). In the structure of assets of insurance companies, the share of current assets was 90% or 32.1 bln drams. This indicator grew 12.4% for Q1 2012, and 22% versus the same period of 2011. The share of financial investment was 62% or 22.3 bln drams of total assets. Since the beginning of the year this indicator has fallen 2.7%, while the growth versus Q1 2011 totaled 11.1%. Top three companies in terms of financial investments are INGO Armenia (6.5 bln drams), Rosgosstrakh-Armenia (4.7 bln drams), and Nairi Insurance (2.5 bln). Sil Insurance's financial investments were the lowest - 734.9 bln drams.
Short-term receivables of 8 insurance companies for Q1 2012 totaled 8.034 bln drams, with a 46.5% year- over-year growth and over 2fold growth for Q1 2012. The share of cash and equivalents on total assets for late March 2012 totaled 4% or 1.3 bln drams. This indicator grew 61.1% versus Q1 2011 but fell 17.8% for Q1 2012.