Armenian insurance sector reduced tax payments by 23.8% y-o-y within  9 months of 2018 

ArmInfo. In  January-September 2018, the insurance sector of Armenia paid taxes of  1.6 billion drams or $ 3.4 million, which is 23.8% less than a year  ago. Of this amount, 1.4 billion drams are direct taxes (including  income tax and tax on profit), with a y-o-y decline of 26.3%.  According to the State Revenue Committee of the Republic of Armenia,  according to the results of 9 months of 2018, all 6 insurance  companies operating in the Armenian market were included on the list  of the top 1000 taxpayers of Armenia.

The list was headed by Rosgosstrakh Armenia, which ranked 207th  (against 160th place a year earlier), paying 581.7 million drams to  the state budget, of which 498 million drams on direct taxes.

"INGO Armenia", which took the 270th place (against the 153rd place a  year earlier) replenished the state budget with 424.7 million drams,  of which 366.1 million drams - on direct taxes. IC "Nairi Insurance"  is on the 488th place (against the 303rd a year earlier),  transferring to the state treasury 205.8 million drams, including  175.7 million drams - income tax and tax on profit. "Armenia  Insurance" IC - 628th place (against 664th a year earlier), paying  164.4 million drams, of which 154.1 million - on direct taxes. IC Sil  Insurance took the 679th place (against the 475th a year earlier),  paying 149.6 million drams, of which the amount of income tax and tax  on profit amounted to 110.1 million drams. "RESO" IC - 728th place  (against the 649th a year earlier), paying 140.1 million drams, of  which the sum of income tax and profit tax was 108 million drams.

According to the Ranking of Insurance Companies of Armenia, prepared  by ArmInfo, the cumulative accumulated profit of the insurance sector  of Armenia by October 1, 2018 was 2.8 billion drams, having decreased  by 46.8% per year. By October 1, this indicator was positive among 4  out of 6 operating companies. The y-o-y growth of accumulated profits  was provided by only two companies, while for the other four it  declined, and for two with a deepening loss. The first place in terms  of accumulated profit was occupied by Rosgosstrakh Armenia insurance  company with the index of 2.4 billion drams (y-o-y growth of 20.1%),  the second place - INGO Armenia insurance company - 1.09 billion  drams (y-o-y growth of 57.5% ), the third place - Armenia Insurance  IC - 1.06 billion drams (y-o-y decrease of 47.2%), the fourth - Nairi  Insurance IC - 652.8 million drams (y-o-y decline of 43.1%). The  losses were accumulated by IC "RESO" and IC "Sil Insurance" - in  total 2.5 billion drams (with a y-o-y increase of 47.1%). The  insurance sector completed 9 months of 2018 with a balance sheet  profit of 753.3 million drams (y-o-y decline of 64.6%), which, after  paying taxes, led to net profit of 387.5 million drams (y-o-y decline  of 77.4%). INGO Armenia leads in net profit, followed by Nairi  Insurance, Armenia Insurance and RESO. As a result of 9 months  operation in 2018  Sil Insurance and Rosgosstrakh Armenia had losses,  while in the same period a year earlier Rosgosstrakh Armenia had a  net profit, and the loss of Sil Insurance was several times less.   (The estimated exchange rate of dram as at Sep 30, 2018 was 482.71  AMD / $ 1).