Saturday, November 5 2016 12:25
Alina Hovhannisyan

Armenian insurance companies increased net profit by 62.7% y-o-y to $8.2 mln in 9 months of 2016

Armenian insurance companies increased net profit by 62.7% y-o-y to $8.2 mln in 9 months of 2016

ArmInfo. In Jan-Sep 2016, the net profit of Armenian insurance companies amounted to 3.9 bln AMD or $8.2 mln, with a 62.7% growth versus Jan-Sep 2015. In Q3 alone, the net profit of insurance companies totaled 1.3 bln AMD, or $2.7 mln, with a 3% decline versus Q2 due to 5-28% decrease in profits of three companies amid 1-45% increase in the remaining three companies.

According to the Ranking of Insurance Companies of Armenia by the Agency of Rating Marketing Information (ArmInfo), in Jan-Sep 2016, four out of the six insurance companies increased their net profit, with two of them (INGO Armenia and RESO) - 2- 5.4-fold as compared with Jan-Sep 2015. 

In terms of net profit, Rosgosstrakh Armenia retained leadership with 1.7 bln AMD (up 65.3% versus Jan- Sep 2015). The following companies ranked next: INGO Armenia - 848.1 mln AMD (2-fold year-over- year growth); Nairi Insurance - 652.6 mln AMD (up 36.8%); Armenia Insurance - 301.5 mln AMD (down 24.7%); RESO - 287.1 mln AMD (5.4-fold growth), SIL Insurance - 78.3 mln AMD (down 21.8% y-o-y).

In Jan-Sep 2016 versus Jan-Sep 2015, the aggregate amount of insurance premiums grew by 2.6% to 23.2 bln AMD ($48.8 mln), while the payouts rose by 2.4% to 9.8 bln AMD ($20.7 mln). In Q3 alone, the insurance premiums increased by 14.1% (to 7.3 bln AMD), while the payouts grew by 20% (to 3.6 bln AMD). In Jan-Sep 2016, the aggregate profit totaled 13.4 bln AMD (up 2.8% versus Jan-Sep 2015), and in Q3 alone - 3.8 bln AMD (up 11% versus Q2 2016). In terms of insurance profit, Rosgosstrakh Armenia retained leadership with 3.7 bln AMD (down 4.4% versus Jan-Sep 2015), including 860.3 mln AMD in Q3 2016. INGO Armenia and Nairi Insurance were the second and the third - 3.3 bln AMD and 2.7 bln AMD, respectively. Most significant growth of profits was registered by Nairi Insurance and RESO-35-40% y-o-y.

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 Sep 2016, the AMD/USD exchange rate was 474.46 AMD/$1).

POST A COMMENT
Input digits     


News
To attract investors to industrial sector  of Armenia, it is necessary to show that country has sufficient  capacities, only  large-capacity unit can cope with this taskTo attract investors to industrial sector  of Armenia, it is necessary to show that country has sufficient  capacities, only  large-capacity unit can cope with this task
Interdepartmental working group to be established in Armenia to  discuss construction on new nuclear unit issues Interdepartmental working group to be established in Armenia to  discuss construction on new nuclear unit issues 
Governor of Gegharkunik: Sotk Gold Mine has ceased operations Governor of Gegharkunik: Sotk Gold Mine has ceased operations 
Metallurgical works to be constructed in Yeraskh to produce ferrous  metal, pipes, fittingsMetallurgical works to be constructed in Yeraskh to produce ferrous  metal, pipes, fittings
Ozon to enter Armenia`s market this autumnOzon to enter Armenia`s market this autumn
Armenia`s government discusses relaunch of Amulsar project Armenia`s government discusses relaunch of Amulsar project 
Konstantin Vladimirovich Tserazov: “In September, we expect a systematic recovery of indices”Konstantin Vladimirovich Tserazov: “In September, we expect a systematic recovery of indices”
Konstantin Tserazov: “The Russian stock market has enough reasons for optimism”Konstantin Tserazov: “The Russian stock market has enough reasons for optimism”
FLYONE ARMENIA airline sets itself the task of transferring 1  million passengers in 2023FLYONE ARMENIA airline sets itself the task of transferring 1  million passengers in 2023
Armenian expert on risks of further domestic debt growth Armenian expert on risks of further domestic debt growth 
Team Telecom Armenia is undertaking its initial public offering (IPO) Team Telecom Armenia is undertaking its initial public offering (IPO) 
Groundbreaking ceremony of new Meghri checkpoint took place todayGroundbreaking ceremony of new Meghri checkpoint took place today
By end of 2023, Armenia to register 2nd largest economic growth and  lowest inflation rate among EAEU countries. But risks still remain -  EDBBy end of 2023, Armenia to register 2nd largest economic growth and  lowest inflation rate among EAEU countries. But risks still remain -  EDB
Vahan Kerobyan: Armenia may become an operator in Iranian port of  ChabaharVahan Kerobyan: Armenia may become an operator in Iranian port of  Chabahar
Tax collections overfulfilled by almost 20% - State Revenue Committee  of ArmeniaTax collections overfulfilled by almost 20% - State Revenue Committee  of Armenia
Money transfers actively flowing to Armenia from Russia are no less  actively flowing  to U.S.Money transfers actively flowing to Armenia from Russia are no less  actively flowing  to U.S.
Armenia`s economy minister meets with SME Cooperation Association  repsArmenia`s economy minister meets with SME Cooperation Association  reps
Converse Bank to present Converse Leasing product at Leasing Expo  2023 exhibition Converse Bank to present Converse Leasing product at Leasing Expo  2023 exhibition 
IDBank`s Visa Business Platinum card now with more profitable termsIDBank`s Visa Business Platinum card now with more profitable terms
Armenia, Georgia discuss joint investment projectsArmenia, Georgia discuss joint investment projects
Armswissbank issues 3 bonds from 1st of juneArmswissbank issues 3 bonds from 1st of june
Ministry of Territorial Administration and Infrastructures believes  that regular flights at Kapan airport to be launched this yearMinistry of Territorial Administration and Infrastructures believes  that regular flights at Kapan airport to be launched this year
FLYONE ARMENIA launches  Yerevan-Tehran-Yerevan direct flightsFLYONE ARMENIA launches  Yerevan-Tehran-Yerevan direct flights
Decline in sales volumes in duty-free stores forced government to  ease tight restrictions on cash transactionsDecline in sales volumes in duty-free stores forced government to  ease tight restrictions on cash transactions
Vahan Kerobyan: feasibility study of Dry Port project is being  carried out by Dutch company; results to be ready in a few monthsVahan Kerobyan: feasibility study of Dry Port project is being  carried out by Dutch company; results to be ready in a few months
PSRC: there are opportunities in Armenia for construction of solar  power plants with a total installed capacity of up to 1 thousand  megawatts, but...PSRC: there are opportunities in Armenia for construction of solar  power plants with a total installed capacity of up to 1 thousand  megawatts, but...
Minister: domestic and international tourism indicators equalized in  ArmeniaMinister: domestic and international tourism indicators equalized in  Armenia
Pashinyan: Since July 1, 2023, RA citizens` pensions to be increased  once againPashinyan: Since July 1, 2023, RA citizens` pensions to be increased  once again
Growth of budget revenues conditioned by three main factors: economic  growth indicators, shadow reduction, implemented reforms - PashinyanGrowth of budget revenues conditioned by three main factors: economic  growth indicators, shadow reduction, implemented reforms - Pashinyan
AraratBank underwrites FINCA UCO bondsAraratBank underwrites FINCA UCO bonds
Team NGN`s 25Gbps network is already available to 150,000 households  in ArmeniaTeam NGN`s 25Gbps network is already available to 150,000 households  in Armenia
Pashinyan: Armenia considers it important to form collective food  security system in EAEUPashinyan: Armenia considers it important to form collective food  security system in EAEU
Trade, services and construction continue to be main drivers of  double-digit growth in economic activity in ArmeniaTrade, services and construction continue to be main drivers of  double-digit growth in economic activity in Armenia
Armenian investment crowdfunding platform ARFI and ANIF to be  presented at Orion 2023 Summit in New YorkArmenian investment crowdfunding platform ARFI and ANIF to be  presented at Orion 2023 Summit in New York
Transavia Airlines to start Marseille-Yerevan-Marseille operating  flightsTransavia Airlines to start Marseille-Yerevan-Marseille operating  flights
Georgia refutes information about launch of shipment to NovorossiyskGeorgia refutes information about launch of shipment to Novorossiysk
Batumi-Novorossiysk ferry service put into operation Batumi-Novorossiysk ferry service put into operation 
Plant producing aluminum radiators to be put into operation in  ArmeniaPlant producing aluminum radiators to be put into operation in  Armenia
Vahan Kerobyan on Vahan Kerobyan on "impressive" indicators of FDI in Armenian economy
Yerevan brandy company could stop exports to RussiaYerevan brandy company could stop exports to Russia
Kaps reservoir construction project resumed in Armenia Kaps reservoir construction project resumed in Armenia 
CMTPL E-polices sales stalled pending more visible discounts as part  of tariff liberalization CMTPL E-polices sales stalled pending more visible discounts as part  of tariff liberalization 
ANIF to invest EUR 3.9mln in Universal Closures company ANIF to invest EUR 3.9mln in Universal Closures company 
Germany to assist Armenia in strengthening local government systemGermany to assist Armenia in strengthening local government system
Fix Price announces entry into Armenia`s marketFix Price announces entry into Armenia`s market
Presentation of ROBBO company held in Armenia Presentation of ROBBO company held in Armenia 
EBRD improves its GDP growth forecast for Armenia EBRD improves its GDP growth forecast for Armenia 
FLYONE ARMENIA started operating flights on the route Yerevan-Larnaca-YerevanFLYONE ARMENIA started operating flights on the route Yerevan-Larnaca-Yerevan
Armenian Diaspora of United States is ready to invest in  technological development of ArmeniaArmenian Diaspora of United States is ready to invest in  technological development of Armenia
CBA Forecast: Inflation in Armenia to reach target level of 4% from  H2 2023CBA Forecast: Inflation in Armenia to reach target level of 4% from  H2 2023
Foreigners` transactions on buying and selling property  reduced in  ArmeniaForeigners` transactions on buying and selling property  reduced in  Armenia
In Yerevan, real estate market activity is declining, but prices  continue to riseIn Yerevan, real estate market activity is declining, but prices  continue to rise
RA citizens` perception of EU has changed dramatically. Pashinyan The  reputation of the European Union has significantly improved after the  Union decided to send an observation mission to Armenia RA citizens` perception of EU has changed dramatically. Pashinyan The  reputation of the European Union has significantly improved after the  Union decided to send an observation mission to Armenia 
German investments for the sake of Armenia`s sustainable developmentGerman investments for the sake of Armenia`s sustainable development
Bright future for solar energy in Armenia - Expert on measures to  ensure sustainable development and true independence of  energy  sectorBright future for solar energy in Armenia - Expert on measures to  ensure sustainable development and true independence of  energy  sector
EDB discusses and implements number of energy projects in Armenia -  Head of BankEDB discusses and implements number of energy projects in Armenia -  Head of Bank
EDB is ready to support Amulsar mine development project - PodguzovEDB is ready to support Amulsar mine development project - Podguzov
Armenian-Czech business forum held in Prague Armenian-Czech business forum held in Prague 
Armenia`s Finance Ministry delegation participates in experience  exchange events  organized by ICAEWArmenia`s Finance Ministry delegation participates in experience  exchange events  organized by ICAEW
EAEU expects to significantly increase volume of trade in mid term by  signing of FTZ establishment agreement with IranEAEU expects to significantly increase volume of trade in mid term by  signing of FTZ establishment agreement with Iran
Read more


Exchange rates
07.06.2023
RUB4.75-0.02
USD386.75-0.29
EUR414.330.20
GBP481.500.95
CAD288.960.60
JPY27.75-0.01
CNY54.32-0.14
CHF427.020.44