Azerbaijan-based insurers record 20% rise in total net profit

Total incomes of Azerbaijan-based insurers, excluding Mega Life Insurance OJSC, in 2020 amounted to AZN 907.71 million, up 33.6% from a year earlier, Report informs.

Total expenditures rose by 36.3% to AZN 803.186 million.

Total profit amounted to AZN 79.362 million, up 45.7% by contrast to a year earlier. As the Joint Agrarian Insurance company was not on the market in 2019, its incomes and expenditures, as well as other financial data were not calculated.

In 2020, the insurers’ total financial profit made up AZN 104.523 million, which is 15.8% more than the previous year.

The insurance companies paid AZN 23.591 million in profit tax in 2020, up 4.2% from the previous year. 3 companies did not pay taxes.

Total net profit surged 19.7% to stand at AZN 80.933 million.