ArmInfo. On February 9, a signing ceremony for a Memorandum of Cooperation was held in Yerevan between the Universal Health Insurance Fund and the insurance  companies Ingo Armenia, EFES, Liga Insurance, and Sil Insurance. This  was stated in a statement by the Fund.

ArmInfo. The insurance sector of  Armenia increased its net profit in the first half of 2025 by 2 times  year-on-year (against a 65.3% decline a year ago), ensuring it at the  level of 1.95 billion drams ($5.1 million). This was the result of a  strong slowdown in the annual growth of compensation from 32.4% to  4.3% (21.4 billion drams or $55.8 million) and the exit of the  dynamics of premiums from a 6% decline to 7.2% growth (41.5 billion  drams or $107.9 million). This is evidenced by the data of the  Financial Rating of Insurance Companies of Armenia as of 30.06.2025,  prepared by ArmInfo IC based on published financial reports and  additional data requested from the insurance companies.

ArmInfo.  Since 2025, the situation in the insurance market has started to change: premiums have increased, while compensation has decreased,  leading to a significant rise in profits. This is evidenced by data from the Financial Rating of Insurance Companies of Armenia as of 31.03.2025, prepared by ArmInfo IC based on published financial reports and  missing indicators requested from the insurance companies. In the first quarter of 2025, there was a notable slowdown in in the annual  decline of insurance premiums to 7%, exceeding 20.9 billion drams (over $ 53.4 million). Compensations also saw a shift in dynamics, with a slight 0.2% decrease, amounting to 10.3 billion drams ($ 26.2 million).  As a result, net profit experienced a significant turnaround, going from a 73% decline to an 82.3% growth, reaching 807.2 million drams ($ 2.1 million). The most impressive profit growth was provided by LIGA Insurance (3 times) and the new IC Efes (9 times). Both companies were able to eliminate losses and achieve a  substantial positive level, contributing to an overall increase   market profits. For comparison, in the first quarter of 2024,  premiums and compensations had opposite trends - a 19% decline in the former was accompanied by a 43% growth in the latter, as a result of which net profit fell by 73%.

ArmInfo. The net profit of the insurance sector of Armenia in the first quarter of 2025 increased by 82.3% per annum (against a 73% decline a year ago) and reached 807.2 million drams ($2.1 million). This was the result of a strong slowdown in the annual decline in premiums from 19% to 7% (20.9 billion drams or $53.4 million) and a reversal in the dynamics of compensation from a significant 43% growth towards a 0.2% decline (10.3 billion drams or $26.2 million). This is evidenced by the data of the Financial Rating of Insurance Companies of Armenia as of 31.03.2025, prepared by ArmInfo IC based on published financial reports and additional data requested from the insurance companies. 

ArmInfo. Of the 7 operating insurance companies, 3 were included in the list of the 1000 largest taxpayers of Armenia in the first quarter of 2025 (as a year ago): LIGA Insurance, INGO and Sil Insurance. This is evidenced by the data of the State Revenue Committee of the Republic of Armenia.

ArmInfo. The net profit of the insurance sector of Armenia, after a 4.5-fold jump in 2022, began to decline in 2023, lingering in this trend in 2024 with some slowdown in growth rates from 33% to 26%. This was the result of a  deterioration in the dynamics of premiums to a 2% decline and a  slowdown in the growth of compensation to 15%. While a year ago, both  indicators increased by 17% and 30%, respectively (against high  growth in premiums and stagnation in compensation in 2022). 

ArmInfo.Premiums in Armenia's insurance market have began to decrease while indemnities are still  increasing at double-digit rates. This trend is starting to impact the companies' profits.  (As ArmInfo analysts note, the transition of insurance companies' financial statements to a new format each time conceals more and more important indicators, making it difficult to analyze the state of the market.  

ArmInfo.By changing the trademark from "INGO Armenia" to "INGO", the insurance company begins  a new stage of its development. As stated in the official statement of INGO IC , the new "simplified" brand name reflects the company's desire to simplify the understanding of its services, to make insurance simple, transparent and reliable. "INGO's mission is to reduce risks and provide clients with the freedom to make confident decisions," the company said in a statement.

ArmInfo. The net profit of the insurance sector of Armenia dropped by 33% in 2023, after a 4.5-fold  increase in 2022. "This resulted from higher reimbursement growth of 30% with a modest 17% increase in premiums.

ArmInfo."LIGA Insurance" topped the list of the largest taxpayers in Armenia among insurance  companies. According to data from the State Revenue Committee, the LIGA Insurance insurance company rose to the 384th place (the 554th in 2022), paying AMD 815.1mln the state budget, of which AMD 682.6mln  as direct taxes.

ArmInfo. In the Armenian insurance market, compensation growth continues to accelerate, while  premium growth has slowed, as a result of which market profits have begun to decline, according to the data of the anniversary issue No.75 of the Financial Rating of Insurance Companies of Armenia as of  September 30, 2023, prepared by ArmInfo IC based on published reports  and portfolio data requested from the insurance companies.

ArmInfo.In the insurance market of Armenia, the loss ratio for Compulsory Motor Third Party  Liability (CMPTL) is slowly starting to increase year-on- year, from 63% to 65% by September 1, 2023, noticeably higher than the pre-Covid 69% in Jan-August 2019.

ArmInfo.In the Armenian insurance market, the CMPTL loss ratio has been at the level of 64%  for a year now, which is much lower than 79% in Jan-July 2021 and the  pre-Covid 72% in the same period of 2019.

ArmInfo. The loss ratio of motor third-party liability insurance (MTPL insurance) was 64% in the first half of 2023 against 65% in the first half of 2022, and 81% in 2021and 73% in 2019. This was accompanied by a liberalization of MTPL prices and slightly lower rates of a 2-digit annual increase in the number of MTPL insurance contracts from 19.7% down to 16.3%, and a slower % increase in insurance premiums, from 21.4% down to 6.5%. A 9.8% increase in insurance indemnities (up to $10.7mln) was recorded against an 8.7% decrease.

ArmInfo. The loss ratio for CMPTL in Armenia in January-April 2023 decreased to 62% from 67% in January-April 2022, being much lower than the pre-Covid 73% in January- April 2019.

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.

ArmInfo. The loss ratio of motor third-party liability insurance (MTPL insurance) was 62% in the first  quarter of 2023 against 69% in the first quarter of 2022, and 74% in the first quarter of 2019. The number of MTPL insurance contracts showed an increase from 15.9% to 17.8%, with a 12.8% increase in insurance premiums ($16.3mln) against 17.5% and a 6.7% increase in insurance indemnities (up to $10.7mln) against a 13.5% decrease. 

ArmInfo. According to the preliminary estimate of the Motor Insurers' Bureau, as a result of the liberalization of the  CMTPL (Compulsory Motor Third Party Liability) market, from April 1, prices will decrease for 56% of car owners who choose the minimum base rate, for 21% they will remain approximately the same, and for 23% they will increase.

ArmInfo.The CMPTL loss ratio in Armenia decreased from 79% to 66% in 2022, being even lower than the pre-Covid 74% in 2019. This was due to an increase in the number  of concluded contracts by 16.1% year on year, as a result of which  insurance premiums rose by 15.6% to $67.3 million, while  claims  simultaneously decreased by 4.6% to $39.8 million, according to the  data of  Armenian Motor Insurers'  Bureau .

ArmInfo. Following the results of 9 months of 2022, the share of the corporate component in the premium portfolios of Armenian insurers, began to prevail over the  retail component even more - 53.8% (25.6 billion drams) against 46.2%  (21.97 billion drams) , while the gap was smaller in a similar  situation a year ago - 51.8% and 48.2%, respectively. According to  the Financial Rating of Insurance Companies of Armenia as of  September 30, 2022, prepared by ArmInfo, the capacity of the  corporate insurance market accelerated growth more noticeably, from  14% to 30.5%, than the capacity of the retail insurance market, from  10.2% to 20.1%.