Tuesday, May 16 2017 11:04
Karine Melikyan

The total net profit of Armenian insurance companies in Q1 2017 fell by 60.3% annually  - to $ 1.1 million

The total net profit of Armenian insurance companies in Q1 2017 fell by 60.3% annually  - to $ 1.1 million

ArmInfo. The total net profit of Armenian insurance companies in Q12017 dropped by 60.3% annually (versus growth of 2.1 times a year ago), forming  518.9 million AMD or $ 1.1 million.

The deterioration of  annual dynamics is based on the release of the trend of insurance indemnities from 1, 9th drop by 32.6% growth with the reverse situation  of insurance premiums - from 6.7% growth to 1.1% drop. Only for Q1 of the net profit of insurers increased for  2.2 times, which is based on  the growth of premiums versus  the backdrop of almost the remaining volume of reimbursements.  Quarterly, one company managed to get out of the loss to a serious profit (3.2 times), two companies significantly increased profits (by 64-77%), two companies were able to reduce the loss (by 19-78%), and Only one reduced profits (by 54.5%).

According to the Ranking of Armenian  insurance companies, prepared by the IA ArmInfo, in Q1 (in Q1 2017 to Q1 2016), profit loss was observed in  all six insurance companies, and mostly in "Sil Insurance" and "RESO" - for  2.9- 2.8 times- with the departure from plus to minus.

The first place in terms of net profit occupies  Rosgosstrakh Armenia Insurance Company - 198.9 million AMD (annual decline of 67.5%). In the  second place is  INGO Armenia Insurance Company - 149.9 million AMD (annual decline of 26.3%). TOP-3 is closed by "Armenia Insurance" IC with a profit of 146.5 million AMD, (annual decline of 6.6%). Then follows the "Nairi Insurance" with a profit of 104.8 million AMD (annual decline of 55.5%). The list is closed with minus indicators of "Sil Insurance" - 15.02 million AMD (annual decline of 2.9 times) and "RESO" - 66.15 million AMD (annual decline 2.8 times), both of which have lost profit.

The total volume of insurance premiums for Q1 2017, according to the reports of the IC under IFRS standards, totaled  to 9.4 billion AMD ($ 19.3 million), and insurance indemnities - 4.3 billion AMD ($ 8.9 million). Only for Q1, insurance premiums increased by 3.1%, with the growth of compensation only by 0.7%. As a result, the aggregate profit on the insurance line increased by 5.2% quarter-on-quarter, but in the annual cut it fell by 18.6% (versus  the growth of 11.8% a year ago), amounting to 5.1 bln AMD ($ 10.5 mln). The highest profit on the insurance line was registered in Q1 2017 at Rosgosstrakh Armenia - 1.6 billion AMD (annual decline of 16.5%, quarterly growth of 49.3%), the second position was taken by INGO Armenia - 1.5 billion (Annual growth by 1.9%, quarterly decline by 21.7%), Nairi Insurance keeps the third position at 779.7 mln AMD (annual decline by 17.2%, quarterly decline by 16.4%). The fourth, fifth and sixth positions continue to be occupied by "Sil Insurance", "RESO" and "Armenia Insurance" - 743 million, 272.8 million and 243.3 million AMD respectively, with the last two indicators declining both in the annual and quarterly terms, While in the Seal Insurance, significant quarterly growth has minimized the rate of the annual recession.

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