ArmInfo. In the first half of 2026, Armenia's insurance sector increased tax payments to the state treasury by 2.8 times, reaching nearly 1.7 billion drams. This growth is due to the inclusion of five insurance companies out of the seven currently operating on the current list of Armenia's 1,000 largest taxpayers, compared to only two (LIGA Insurance and INGO) a year ago.
According to data from the State Revenue Committee of the Republic of Armenia, in the first half of 2026, LIGA Insurance, INGO, Nairi Insurance, Armenia Insurance, and REGO Insurance were among the top 1,000 taxpayers in Armenia, while Sil Insurance and Efes were not included.
Direct taxes paid by the insurance sector tripled year-on-year, reaching AMD 1.4bln.
This time, LIGA Insurance topped the list of insurance companies by tax payments, jumping to 369th place (from 782nd a year ago). The company transferred 536.4 million drams to the state treasury, 464 million drams of which were direct taxes. Next comes Nairi Insurance Insurance Company (not included in the list a year ago), ranking 514th, having paid 396.4 million drams to the state budget, 336 million of which were direct taxes.
INGO Insurance Company dropped to 688th place (from 501st a year ago), having paid 309.7 million drams to the state budget, 231.7 million of which were direct taxes.
Armenia Insurance Insurance Company, not included in the list a year ago, now ranks 927th, having paid 223.4 million drams to the state treasury, 194.9 million of which were direct taxes.
REGO Insurance Company, which was also not on the list a year ago, now ranks near the bottom of the list of major taxpayers, ranking 971st. The company contributed 213.1 million drams to the state treasury, 194.7 million of which were direct taxes.
As a reminder, in the first half of 2025, the insurance sector contributed 593.5 million drams to the state treasury (a 58% year-on-year decline), 471.1 million of which were direct taxes (a 61% year-on-year decline). At that time, only two insurance companies - LIGA Insurance and INGO - appeared on the list of 1,000 major taxpayers.
According to the Financial Rating of Armenian Insurance Companies as of June 30, 2026, prepared by ArmInfo Investment Company, six of the seven insurance companies operating in the country managed to end the first half of the year with a profit, and all of them managed to increase their profit margins.
The only insurance company that failed to maintain profitability was Efes, which slipped from a significant profit to a loss. Thus, total pre-tax profit increased by 75.3% year-on-year, exceeding 4 billion drams ($11 million) for the first half of the year. After taxes, net profit amounted to 3.3 billion drams ($9.1 million), representing a year-on-year increase of 71.4%. Armenia Insurance was the leader in net profit, followed by Nairi Insurance, INGO Insurance in third, REGO Insurance in fourth, LIGA Insurance in fifth, and Sil Insurance in sixth.
It's worth noting that, with the entry of EFES Insurance in late July 2023, seven companies are already operating in the Armenian insurance market. Among the currently operating insurance companies, the parent companies of several were placed on Western sanctions lists in 2022, prompting a reorganization process in the market. Specifically, the former RESO and Rosgosstrakh Armenia companies rebranded and changed their shareholder structure, re-registering as REGO Insurance and LIGA Insurance, respectively. The Armenian subsidiary of the Russian company Ingosstrakh, INGO Insurance Company (formerly INGO Armenia), which later became EFES Insurance Company, underwent a somewhat different reorganization process, with a spin-off of its client base.
Later, in early 2026, LIGA Insurance Company was acquired by the Austrian financial concern GRAWE REINSURANCE LIMITED LLC holding with a 75% stake and the investment group CQ Investment Group LLC holding with a 25% stake. The Central Bank of Armenia approved this transaction on January 30, 2026.
