Profit of Armenian insurance companies amounted to 2.7 mln USD in Q1 2016, with 2.1-fold year-over- year growth

ArmInfo. In Q1 2016, the net profit of Armenian insurance companies amounted to 1.3 bln AMD or $2.7 mln, with a 2.1-fold growth versus Q1 2015. Rosgosstrakh-Armenia was in the lead in terms of net profit in Q1 2016 (2.5-fold rise versus Q1 2015). Nairi Insurance was the second with 235.4 mln AMD (up 42.1%). INGO Armenia was the third with 203.2 mln AMD (36-fold growth, rise from the negative level to a positive one). 

The following companies ranked next: Armenia Insurance - 156.8 mln AMD (up 32.6%), RESO - 83.5 mln AMD (up 85%), and SIL Insurance - 16.4 mln AMD (down 66.2%). The aggregate amount of insurance premiums grew over year by 6.7% to 9.5 bln AMD ($19.7 mln). Meanwhile, the indemnities paid out by insurance market participants dropped by 1.9% to 3.2 bln AMD (over $6.7 mln).

To note, there are 96 companies in the Armenian insurance market, which provide services in 17 out of 19 classes of insurance (except for railway transport insurance, as well as judicial and extrajudicial costs insurance). INGO Armenia is licensed to provide services in 16 classes of insurance and Rosgosstrakh Armenia - in 15 classes of insurance. (As of 31 March 2016, the AMD/USD exchange rate was 480.79 AMD/$1).