The net profit of the insurance sector in Armenia, after a 4.5-fold jump in 2022, began to decline in 2023, remaining in this trend in 2024 with a little slowdown in rate from 33% to 26%.

This was the result of a deterioration in the GWP dynamics to a decline of 2% and a slowdown in the paid claims growth to 15%, as shown by the data of the Financial Rating of Insurance Companies of Armenia as of 31.12.2024, prepared by ArmInfo based on published financial statements and data additionally requested from insurance companies.

At the end of 2024, the insurance sector’s net profit amounted to AMD 1.98 billion (USD 4.99 million/~EUR 4.78 million).

In terms of net profit for 2024, Armenia Insurance is the leader (AMD 589.9 million), followed by LIGA Insurance (AMD 369.7 million), and REGO Insurance (AMD 341.2 million). It is noted that only three companies on the market were able to increase their profits in 2024.

*EUR 1 = AMD 413.89 (31.12.2024)