AZERBAIJAN: PASHA Life continues to lead in the insurance market in terms of GWP in the first quarter

4 May 2021 —
PASHA Life Insurance announced its results for the first quarter of 2021 and continues to lead in the insurance market in Azerbaijan in terms of GWP, maintaining a growth trend despite the pandemic, Trend reports.

The total assets of the leading life insurer in the country for the period amounted to AZN 405 million (~EUR 203.22 million*), GWP (UAH 50 million) remained practically at the same level, while paid claims more than doubled and reached AZN 72 million. At the same time, the company's net profit decreased by 27% y-o-y, to AZN 4.5 million.

The company's strategy for 2021-2023 includes three key directions: improvement of the service based on digital transformation, development and improvement of other life insurance products, and application of Agile management methodology.

* at the following exchange rate:

1 EUR = 1.9929 AZN (01.04.2021)