Wednesday, May 4 2022 15:50
Karine Melikyan

Finrating ArmInfo: Armenia`s insurance sector summed up Q1 2022 with  profit of $2.5 million

Finrating ArmInfo: Armenia`s insurance sector summed up Q1 2022 with  profit of $2.5 million

ArmInfo. The total profit of insurance companies (ICs) of Armenia for Q1 2022 exceeded 1.2 billion drams (over $2.5 million), with a 4-4.4-fold climb in terms of y-o-y  and quarterly  (against a 2.2-2.5-fold decline in the comparable  periods of 2021).

Moreover, the quarterly dynamics fixes an increase  in the positive level, and the y-o-y dynamic changed from negative  dynamics to positive one. In Q1 2022, compared to Q1 2021, all ICs  significantly increased their profits, with three of them providing  significant growth trough the change of dynamics from loss to profit.

According to the Financial Rating of Insurance Companies of Armenia,  prepared by ArmInfo IC, this was observed against the backdrop of a  more significant y-o-y decline in indemnities (by 46.7%) than  premiums (by 18.7%), while a year earlier both indicators were  growing by 25.6% and 3.1% respectively. At the same time, on a  quarterly terms, both premiums and indemnities kept growing, in  particular, premiums with an acceleration of rates to 82% and  indemnities with a slowdown to 9.1% (against 2.1-20% growth  indemnities 2021).

The first place in terms of net profit for Q1 2022 was taken by  "Nairi Insurance" - 426.04 million drams (with a 16-fold y-o-y climb  with a quarterly growth of 32.5%). The second place was taken by  "Rosgosstrakh Armenia" IC - 289.5 million drams (with a 2.5-fold  y-o-y growth and a 3.3-fold quarterly growth, with an exit from the  loss). The third place is occupied by "INGO Armenia" IC - 193.03  million drams (with a 2.9-fold y-o-y growth and quarterly growth of  26.5%). The fourth place continues to be occupied by "RESO" IC -  136.3 million drams (with a 3-fold y-o-y growth and a 4.3-fold  quarterly growth, with an exit from the loss).  "Armenia Insurance"  occupied the fifth place - 118.4 million drams (with a 2.3- fold  y-o-y growth and a 3.7-fold quarterly growth). And "Sil Insurance"  occupied the sixth place- 53.4 million drams, with a 2.5-fold y-o-y  growth, with a quarterly decline in profit of only 3.1%. (with an  exit from a loss).  A more significant y-o-y decline in indemnities  than in premiums reversed the dynamics of profit in the line of  insurance from a 12.7% decline to a 32.8% increase - up to 11.5  billion drams. The same reversal in the dynamics of this indicator  was recorded in quarterly terms, but with an exit from the 25%  decline to a more significant 3.6-fold increase, due to a noticeable  acceleration in the growth of premiums while a sharp slowdown in the  growth of indemnities.

It should be noted that there are 6 companies operating in the  insurance market of Armenia, which work on 17 out of the available 20  classes of insurance, with the exception of insurance of railway  transport and liability from its use, insurance of legal and  extrajudicial expenses. Since Q2 2020, a class of agricultural risk  insurance has been added to the IC reports, but it is not summed up  to the final indicator, since it is taken into account in two other  types of insurance: property from fires and natural disasters;  property from other damages. "INGO Armenia" IC - 16 and "Rosgosstrakh  Armenia" IC - 15 are licensed with the largest number of classes. 

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