ArmInfo.The list of 1000 largest taxpayers in Armenia in Q1 2023 included 3 insurance companies out of 6 operating ones. According to the data of the State Revenue Committee, the list includes Liga Insurance, Nairi Insurance, and INGO Armenia.
During the reporting period, the Armenian insurance sector reduced tax payments to the state treasury by 27% - to 403.8 million drams. Of this amount, 78.6% or 317.8 million drams were transferred as direct taxes, with a y-o-y decline of 34%.
Among insurance companies, Liga Insurance became the leader in terms of tax payments, taking 449th place (versus 326th a year earlier) and paying 168.1 million drams to the state budget, of which 134.7 million drams - for direct taxes.
Followed by "Nairi Insurance", taking 599th place (against 241st a year earlier), which paid 123.4 million drams to the state budget, of which 97.1 million - for direct taxes.
INGO Armenia, which occupied 664th place in the list (against 303rd a year earlier), paid 112.4 million drams to the state budget, of which 86 million - direct taxes.
The list, like a year earlier, did not include "Armenia Insurance", "Sil Insurance" and "REGO Insurance".
It should be noted that in Q1 2022, the insurance sector of Armenia sent 549.6 million drams to the state treasury, of which 478.1 million drams were direct taxes. The leadership then was held by Nairi Insurance", followed by INGO Armenia and Liga Insurance.
It should be noted that in December 2022, two insurance companies, RESO and Rosgosstrakh Armenia, rebranded, the name change of the first one to REGO Insurance was also accompanied by a change in the composition of shareholders, while the second one was simply renamed Liga Insurance. .
Meanwhile, according to the Financial Rating of Insurance Companies of Armenia as of March 31, 2023, prepared by ArmInfo, 6 Armenian insurance companies operating in the country ended the first quarter of this year with a net profit, having managed to increase it without exception over the reporting period. Thus, the total balance sheet profit (pre-tax) increased by 39% year-on-year, reaching 2.03 billion drams ($5.2 million) in the first quarter, after paying tax, which generated a net profit of 1.7 billion drams ($4.4 million, with a y-o-y increase of 41.2%). The leader in terms of net profit is Nairi Insurance, the second place is occupied by "Liga Insurance", INGO Armenia ranks 3rd, Armenia Insurance 4th, REGO Insurance 5th and Sil Insurance 6th. (As of March 31, 2023, the estimated exchange rate of the dram against the dollar was 388.48 AMD / $1.