ArmInfo. Following the results of the Q1 of 2019, the insurance sector of Armenia paid taxes of 633.9 million drams ($ 1.3 million), which is 11.8% more than a year ago. Of this amount, 86% or 542.3 million drams were paid on direct taxes (including income tax and profits tax). According to the RA State Revenue Committee, all 6 insurance companies operating in the market were included in the list of the top 1000 taxpayers of Armenia during the reporting period.
Among insurance companies in tax payments, "Rosgosstrakh Armenia" insurance company is in the lead, occupying 169th place (against 163rd in the Q1 of 2018), paying 226.2 million drams to the state budget, of which 195.3 million drams are the income tax and profits tax. INGO Armenia ranked 236th in this list (against the 205th a year earlier), replenishing the state budget by 166.5 million drams, of which 137.4 million drams are income tax and profits tax. "Nairi Insurance" took the 472nd position (against the 450th a year earlier), transferring to the state treasury 77.9 million drams, including 67.6 million drams - income tax and profits tax. Next comes "RESO" insurance company - 532 place (against the 492nd a year earlier), paying 69 million drams, of which 55.4 million drams - on income tax and profits tax. "Armenia Insurance" IC - 713 place (against 586th a year earlier), paying 50.2 million drams, of which 37.3 million - on income tax and profits tax. Sil Insurance - 799th place (against 510th a year earlier), paying 44.1 million drams, of which 11.8 million drams - on income tax.
To note, for the Q1 of 2018, the deductions of the insurance sector of Armenia to the state budget in the area of taxes amounted to 567.2 million drams, of which 505.3 million drams fell to direct taxes. At that time, Rosgosstrakh Armenia held the lead, followed by INGO Armenia, Nairi Insurance, RESO, Sil Insurance, and Armenia Insurance.
According to the Financial Rating of Insurance Companies of Armenia as of March 31, 2019, prepared by ArmInfo IC, the cumulative accumulated profit of the insurance sector of Armenia as of this date was 2.7 billion drams, having gone down by 27.2% per year. Balance profit (pre-tax) of the insurance market in the Q1 of 2019 amounted to 165 million drams (with y-o-y growth of 30.4%), which, after deducting taxes, led to a net profit of 100.7 million drams with y-o-y growth of 39.9%. Of the 6 operating insurance companies with net profit, three finished the Q1 of 2019. The first place in terms of net profit was occupied by INGO Armenia, the second - by Nairi Insurance, the third - by RESO. The loss following the results of the Q1 2019 was recorded with Rosgosstrakh Armenia, IC Armenia Insurance and Sil Insurance. (The estimated rate of dram on May 31,.2019 is 486.44 AMD / $ 1).