ArmInfo. In Jan-June 2016, the net profit of Armenian insurance companies amounted to 2.6 bln AMD or $5.5 mln, with a 74% growth versus Jan-June 2015. In Q2 alone, the net profit of insurance companies totaled 1.3 bln AMD, or $2.8 mln, with a 0.5% growth versus Q1 due to 42-58% increase in three companies amid 4-53% decrease in the remaining three companies.
According to the Ranking of Insurance Companies of Armenia by the Agency of Rating Marketing Information (ArmInfo), in Jan-June 2016, four out of the six insurance companies increased their net profit, with two of them (INGO Armenia and RESO) - 2.3-3-fold as compared with Jan-June 2015.
In terms of net profit, Rosgosstrakh Armenia retained leadership with 1.2 bln AMD (up 81.5% versus Jan- June 2016). The following companies ranked next: INGO Armenia - 523.7 mln AMD (3-fold year-over- year growth); Nairi Insurance - 426.3 mln AMD (up 43.1%); Armenia Insurance - 231.1 mln AMD (down 1.9%); RESO - 202.02 mln AMD
(2.3-fold growth), SIL Insurance - 41.6 mln AMD (down 21.8%).
In Jan-June 2016 versus Jan-June 2015, the aggregate amount of insurance premiums grew by 4.2% to 15.8 bln AMD ($33.2 mln), while the payouts rose by 0.7% to 6.2 bln AMD ($13.1 mln). In Q2 alone, the insurance premiums dropped by 32.6% (to 6.4 bln AMD), while the payouts declined by 7.1% (to 3 bln AMD). In Jan-June 2016, the aggregate profit totaled 9.6 bln AMD (up 6.6% versus Jan-June 2015), and in Q2 alone - 3.4 bln AMD (down 45.8% versus Q1 2016). In terms of insurance profit, Rosgosstrakh Armenia retained leadership with 2.9 bln AMD (up 9.7% versus Jan-June 2015), including 1.01 bln AMD in Q2 2016. Nairi Insurance and INGO Armenia were the second and the third - 2.18 bln AMD and 2.15 bln AMD, respectively.
To note, there are 6 companies in the insurance market of Armenia, which operate in 17 classes (out of 19) of insurance. INGO Armenia (the only company insuring water transport) is licensed to provide services in 16 classes of insurance, and Rosgosstrakh Armenia (the only company providing credit risk insurance) provides services in 15 classes of insurance (as of 30 June 2016, the AMD/USD exchange rate was 476.68 AMD/$1).