ARMENIA: for the first three quarters, total net profit of insurers grew 3.6 times y-o-y

3 November 2020 — Marina MAGNAVAL
Total net profit of Armenian insurers for the first 9 months of the year grew 3.6 times and exceeded AMD 4 billion (~EUR 6.97 million*), as ArmInfo reports.

According to the Financial Rating of Insurance Companies of Armenia, prepared by ArmInfo, this is the result of a decline in premiums and paid claims during the period as a consequence of the impact of the Corona virus pandemic, which affected many types of economic activity. In terms of quarters - in the second quarter of this year, net profit showed growth, however, in the third quarter, it declined by 73% against the background of growth in premiums and paid claims in the third quarter of 2020.

Among the companies in terms of net profit for 9 months, NAIRI Insurance is the leader (AMD 1.18 billion), while INGO Armenia and Armenia Insurance rank second and third, respectively. The last place out of six companies operating on the market is taken by SIL Insurance (AMD 52.8 million).

The growth of profit from insurance activities during three quarters was 7.3% y-o-y. In terms of profit received from insurance, INGO Armenia is in the lead, while ROSGOSSTRAKH Armenia and NAIRI Insurance are in second and third places.

* at the following exchange rate:
1 EUR = 573.93 AMD (01.10.2020)

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