Thursday, November 2 2017 20:02
Karine Melikyan

The total net profit of Armenian insurance companies for 9 months of 2017 fell by 56.1% per annum to $ 3.6 million

The total net profit of Armenian insurance companies for 9 months of  2017 fell by 56.1% per annum to $ 3.6 million

ArmInfo. The total net profit  of Armenian insurance companies for 9 months of 2017 fell by 56.1%  per annum (against growth of 62.7% a year earlier), amounting to 1.7  billion AMD or $ 3.6 million. According to the Ranking of insurance  companies of Armenia prepared by NA ArmInfo, the deterioration of the  annual dynamics was caused by a sharp acceleration of the upward  trend of insurance compensation from 4.8% to 19.3% with a low growth  rate of insurance premiums - 3.8% against 0.3% a year earlier. In the  annual context (9 months of 2017 to the same period in 2016), profit  loss was observed in five insurance companies, three of which reduced  the positive indicator by 40-64%, and two moved from profit to loss  (Seal Ishurans and RESO), and only one the company  (Armenia-Insurance) managed to increase profits by 15.3%.

Only for the III quarter net profit of insurers fell by 41.1%  (against 3% decline a year earlier), which is due to the emergence of  the dynamics of the volume of compensation from the 10.2% decline to  11.5% growth, with a more modest improvement of the trend of premiums  - from 22.8% decline to 1.8% growth. And, quarterly, the three  companies significantly reduced profit (by 26-61%), two in general  lost their money, and only one managed to increase this figure by  39.1% (IC "Armenia Insurance").

Rosgosstrakh Armenia Insurance Company is the first in terms of net  profit for 9 months - 753.6 million AMD (annual decline by 56.4%). In  second place is SC Nairi Insurance with a profit of 386.5 million  (annual decline of 40.8%). The third is Armenia Insurance with a  profit of 347.6 million (annual growth of 15.3%), the fourth - INGO  Armenia - 308.7 million (annual decline of 63.6%). The list is closed  with a minus indicator of "Sil Insurance" and "RESO" - 32.7 million  and 52 million AMD, respectively, both having moved from profit to  loss (the annual decline in 2,2-2,4 times).

The total volume of insurance premiums for the first 9 months of  2017, according to the reports of the IC under the IFRS standards,  amounted to 23.9 billion AMD ($ 50 million), and insurance  indemnities - 12.4 billion ($ 26 million). Only for the III quarter  insurance premiums amounted to 7.4 billion, and reimbursements - 4.3  billion. As a result, the total profit on the insurance line fell by  13.9% to 11.5 billion AMD ($ 24 million), showing a quarterly decline  of 9.3% to 3.1 bln, while the previous year the growing dynamics was  in positive territory - 2.8%, and the quarterly in the more  significant plus - 11%. The highest profit on the insurance line was  registered for 9 months of 2017 at INGO Armenia - 3.2 billion (annual  decline of 2.8%, quarterly decline of 22.2%), Rosgosstrakh Armenia  occupies the second position - 3.1 billion (annual decline of 16.4%,  quarterly growth of 31.3%), the third position is held by Nairi  Insurance - 2bln AMD (annual decline of 25.7%, quarterly decline of  51.5%). The fourth, fifth and sixth positions continue to be occupied  by "RESO", "Sil Insurance" and "Armenia Insurance" - 1.24 billion,  1.2 billion and 747.5 million, respectively, and these three  companies quartered this growth (3.5- 45.8%), but the annual growth  in the growing volume was achieved only by RESO (by 0.8%).

There are 6 companies operating in the Armenian insurance market, 17  out of 19 insurance classes are present, except for railway transport  insurance and insurance of judicial and extrajudicial expenses.

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