Thursday, June 12 2014 19:32
In Q1 2014 assets of Armenia's insurance companies dropped by 6%
ArmInfo. In Q1 2014 the assets of Armenia's seven insurance companies dropped by 6% to 44.3bln AMD. As compared with Q1 2013 the assets grew by 2.7%.
According to ArmInfo's Ranking of Insurance Companies of Armenia, the drop was due to 9.7% drop in current assets, 5.1% drop in current financial investments, 26.7% drop in available funds and 31.1% drop in short-term receivables.
RESO registered the biggest drop in the assets (25.6% in Q1 2014 and 30.8% as compared with Q1 2013) due to 28.1% drop in current assets, 27% drop in current financial investments, 36.1% drop in available funds and 30.6% drop in short-term receivables.
84% of the assets of Armenia's insurance companies were current assets (37.1bln AMD), with 0.2% drop as compared with Q1 2013. 64.7% were current financial investments (28.7bln AMD and 12.7% annual drop).
Short-term receivables amounted to 5.9 bln AMD or 13.3% of assets (37.8% y-o-y decline). The available funds in the total assets made up 1.9% or 856.9 mln AMD (28% y-o-y decline).
According to the Ranking, INGO Armenia was in the lead in assets - 11.9 bln AMD (8.7% decline in Q1 2014, 9.8% year over year growth). Rosgosstrakh Armenia ranked next with 11.5 bln AMD (1.7% decline in Q1 2014, 26.3% y-o-y growth). Nairi Insurance was the third with 6 bln AMD (1.9% increase in Q1 2014, 25.6% y-o-y increase). RESO was the fourth with 5.7 bln AMD (25.6% decline in Q1 2014, 30.8% y-o-y decline). Armenia Insurance was the fifth with 4 bln AMD (7.7% growth in Q1 2014, 10.5% y-o-y growth). Sil Insurance held the 6th position with 3.3 bln AMD (8% growth in Q1 2014, 10.2% y-o-y growth). Garant Insurance demonstrated the lowest amount of assets - 2 bln AMD (8.1% decline in Q1 2014, 45.8% y-o-y decline). (The AMD/USD exchange rate as of 31 March 2014 was 413.31 AMD/1$).