STATISTICS: ARMENIA, FY2015: Record net profit in past five years, up by 71% y-o-y

Benfitiing from the positive results recorded on the voluntary types of insurance, the Armenian insurance market saw a y-o-y GWP increase of 4.3% in 2015. Moreover, it recorded a record net profit in past five years, reaching to AMD 2.5 billion, up by 71% y-o-y, according to ArmInfo News Agency.

"For the last five years, the market came close to such indicator only in 2011 when the MTPL was introduced in the country and insurance companies rcorded AMD 2.4 billion profits after losses a year earlier. The insurance market saw such notable growth of profits in 2015, due to increase of insurance premiums and significant decline of claims paid", explained Emmanuil MKRTCHYAN, General Director, ArmInfo News Agency.

It is noteworthy that GWP on motor insurance lines (MTPL and Motor Hull) decreased in the reporting period by 1.2%, which considering the 63% portfolio share held by the motor lines, probably prevented insurers to achieve an even better financial result. Motor Hull insurance, which makes about 6.9% of the market GWP, recorded a 2.2% y-o-y decreased in GWP terms, while premius writtem for MTPL (56% weight in the overall portfolio) went down by 1.1%,

Access www.xprimm.com and download the FY2015 Armenian insurance market statistics.

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

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