AZERBAIJAN: Liabilities of insurers grew by 29% in 2022, while assets increased by 19%

27 April 2023 —
As of January 1, 2023, total liabilities of insurers increased by 28.8% to AZN 1,027.85 million (~EUR 0.56 billion). At that, 13 insurers increased their liabilities, while other 7 - decreased. Total long-term liabilities of companies increased by 23.6% to AZN 920.16 million, while total short-term liabilities doubled to AZN 107.68 million, Trend reports.

In 2022, total balance capital of insurance companies increased by 0.1% to AZN 427.96 million, while total charter capital increased by 0.8% and reached AZN 333.09 million.

Total assets of 20 insurance companies operating in Azerbaijan as of January 1, 2023 amounted to AZN 1,455.81 million, which is 18.8% more y-o-y. At the same time, 14 insurers increased their assets, and 6 reduced them. Total long-term assets of insurance companies increased by 34.2% to AZN 650.11 million, while total short-term assets increased by 8.7% to AZN 805.69 million.

In 2022, income tax of insurance companies amounted to AZN 29.59 million, which is 51.8% more y-o-y. 8 out of 20 companies increased their tax payments, and 6 reduced them.

Total net profit of Azerbaijani insurers in 2022 amounted to AZN 74.37 million, which is 3.1% more y-o-y. Total income of 20 local insurers last year reached AZN 895.37 million, which is 5% more y-o-y.

Last year, total expenses of the insurance sector increased by 2.4% to AZN 791.41 million, with 12 companies increasing their income and 13 companies increasing their expenses. At the end of 2022, total financial profit of insurers amounted to AZN 103.96 million, which is 30% more than a year earlier.

*1 EUR = 1.8114 AZN (December 31st, 2022)