ARMENIA: for January-September 2018 insurers paid taxes by almost 24% less y-o-y

Tax payments of Armenian insurers for January-September 2018 decreased by 23.8% y-o-y. Including direct taxes (such as profit tax and income tax), which dropped by 26.3% y-o-y, as ArmInfo wrote.

According to the State Revenue Committee of the Republic of Armenia, all existing insurance companies are included into the list of the 1000 largest taxpayers in the country based on 3Q2018 results.

The leader in terms of paid taxes among insurers is ROSGOSSTRAKH Armenia, which took 207th place in the list of the largest taxpayers (vs 160th place a year ago). Tax payments of the company amounted to AMD 581.7 million. It is followed by INGO Armenia (AMD 424.7 million) and NAIRI Insurance (AMD 205.8 million). At the last place among insurers is RESO (AMD 140.1 million).

According to ArmInfo, as of 01.10.2018 total profit of the insurance sector amounted to AMD 2.8 billion (-46.8% y-o-y). The 1st place in terms of accumulated profit was taken by ROSGOSSTRAKH Armenia (AMD 2.4 billion, + 20.1% y-o-y), 2nd goes INGO Armenia (AMD 1.09 billion, +57.5% y-o-y) and 3rd - ARMENIA Insurance (AMD 1.06 billion, - 47.2% y-o-y). In general, based on 3Q2018 result, the local insurance market recorded a decline of retained earnings by 64.6% y-o-y (after tax the decline was even bigger - 77.4%). INGO Armenia, NAIRI Insurance and ARMENIA Insurance are leading in terms of net profit.

*EUR 1 = AMD 559.65 (30.09.2018)

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