ARMENIA: in January-September taxes of the insurance sector decreased by 25% y-o-y

7 November 2019 — Marina MAGNAVAL
For the first 9 months of 2019, taxes paid by Armenian insurers amounted to AMD 1,211 billion (~EUR 2.33 million), 25% less y-o-y in local currency, ArmInfo reports.

According to the results of the period, 4 out of 6 active insurance companies were included into the list of 1,000 largest taxpayers of the country, as the data of the State Revenue Committee of Armenia show. ROSGOSSTRAKH Armenia was the first among insurers, ranking 242nd in the list, followed by INGO-Armenia (351st place), SIL Insurance (666th place) and RESO (921st place).

During the period, insurers' balance sheet profit reached AMD 1.4 billion (~EUR 2.7 million), up by 85% y-o-y in local currency. The net profit after tax tripled to AMD 1.1 billion (~EUR 2.12 million), according to ArmInfo. By the end of September 2019, 4 out of 6 insurers showed net profit growth. The leader in terms of net profit was NAIRI Insurance (AMD 439.4 million), while the highest loss was recorded by ROSGOSSTRAKH Armenia (-22.8% y-o-y).

*EUR 1 = AMD 518.52 (as of 01.10.2019)

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