According to the 1Q results, the list of 1,000 largest taxpayers in Armenia included three insurance companies out of six operating in the country, as evidenced by the data of the State Revenue Committee, ArmInfo wrote.

This list includes Liga Insurance, Nairi Insurance, and INGO Armenia. Like a year earlier, the list does not include Armenia Insurance, Sil Insurance and REGO Insurance.

During the first quarter, the Armenian insurance sector reduced tax payments to the state budget by 27% to AMD 403.8 million (EUR 0.95 million).

Liga Insurance became the leader in tax payments among insurance companies, taking 449th place (vs 326th a year earlier) and paying AMD 168.1 million to the state budget. It is followed by Nairi Insurance, taking the 599th place and paying AMD 123.4 million to the state budget. INGO Armenia ranked 664th in this list and paid AMD 112.4 million to the state budget.

According to the Financial Rating of Insurance Companies of Armenia as of March 31, 2023, prepared by ArmInfo, operating insurers completed the first quarter with a net profit. Total balance (pre-tax) profit increased by 39% y-o-y, reaching AMD 2.03 billion. After tax payment the net profit amounted to AMD 1.7 billion (+41.2%). The leader in terms of net profit is Nairi Insurance, followed by Liga Insurance and INGO Armenia.

*EUR 1 = AMD 424.60 (as of 01.04.2023)