Friday, November 15 2019 16:43
Karine Melikyan

Net profit of Armenian insurance companies grew 3-fold in 9 months of  2019

Net profit of Armenian insurance companies grew 3-fold in 9 months of  2019

ArmInfo. The total net profit  of Armenian insurance companies for 9 months of 2019 compared to the  same period a year ago increased 3-fold (against a decline of 77.4% a  year earlier), exceeding 1.1 billion drams or $ 2.4 million. 

According to the Financial Rating of Armenian insurance companies,  prepared by ArmInfo IC, the improvement in y-o-y terms is due to  higher growth rates of premiums than reimbursements for most  insurance companies. In Q3 alone, the net profit of insurers,  dropping by 34%, remained at a positive level, amid a significant  increase in indemnities with a meager increase in premiums.

Moreover, in quarterly terms, three companies increased their net  profit, and the remaining three companies reduced, but remained at a  positive level. In y-o-y terms (9 months of 2019 against 9 months of  2018), decline of profits was observed in 2 insurance companies, one  of which remained in negative dynamics, however at the same time, the  increase in profits of the remaining 4 companies was very  significant, including one of them rising from minus to a positive  level.

The first place in terms of net profit is held by Nairi Insurance  IC-439.4 million drams (2.1-fold y-o-y growth), having replaced INGO  Armenia IC to the second place with a profit of 327.5 million drams  (42.7% y-o-y growth). Armenia Insurance IC is on the third place with  a profit of 190.1 million drams (y-o- y decline of 0.2%). RESO takes  the fourth place with a profit of 173.7 million drams (y-o-y growth  of 14- fold). The list of ICs with a positive level closes IC "Sil  Insurance" - 41.5 mln drams (2.2-fold y-o-y growth up from a negative  level). Rosgosstrakh Armenia IC recorded a minus indicator in  9  months of 2019, the loss of which, having decreased by 22.8% in y-o-y  terms, amounted to 53.6 mln drams.

The total amount of insurance premiums for the first 9 months of  2019, according to the reporting of the IC according to the standards  of the Central Bank, amounted to 36.5 billion drams ($ 76.7 million),  and insurance claims - 18.2 billion drams ($ 38.2 million). In y-o-y  terms, insurance premiums increased by 19.7%, while compensation  increased by 9.9%, and the slowdown in both cases similarly affected  the dynamics of insurance profit, the growth of which slowed down  from 12.9% to 9.8 % The first three positions in terms of insurance  profit in the reporting period were occupied by INGO Armenia IC - 5.7  billion drams (y-o-y growth by 68.8% and this is the largest annual  growth in the market), Nairi Insurance - 2.03 billion drams (y-o-y  decline by 26.9%) and Rosgosstrakh Armenia - 1.9 billion drams (y-o-y  decline of 46.7%). The y-o-y decline in insurance profits was  recorded at two insurance companies, the largest at Rosgosstrakh  Armenia due to the continued significant increase in indemnities with  a modest increase in premiums.

It should be noted that in the insurance market of Armenia there are  6 companies, which work in 17 insurance classes out of the 20, with  the exception of railway transport insurance, liability from the use  of railway transport, insurance of legal and extrajudicial expenses.  The largest number of classes are licensed by IC INGO Armenia - 16  and IC Rosgosstrakh Armenia - 15.

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