ARMENIA: NAIRI Insurance tops the list of major taxpayers among insurers

25 October 2022 —
The volume of taxes in the insurance sector of Armenia in January-September 2022 amounted to AMD 1.3 billion (~EUR 3.30 million) which is 36.1% lower than a year ago. Of this amount, AMD 1.1 billion fell on direct taxes, with an annual decrease of 39.7%, according to the data of the State Revenue Committee of the Republic of Armenia, ArmInfo wrote.

Such a decrease can be caused by the absence of three insurance companies out of six operating in Armenia in the reporting list of 1000 largest taxpayers, while a year earlier in the comparable period there were five insurers in this list.

According to the State Revenue Committee of the Republic of Armenia, NAIRI Insurance topped the list of insurance companies in terms of tax payments, dropping to 366th place from 345th a year earlier, transferring AMD 513 million drams to the state budget. Next comes INGO Armenia, which ranked 407th (vs 251st a year earlier), which paid AMD 452.4 million. ROSGOSSTRAKH Armenia ranked 548th (vs 293rd a year earlier), paying AMD 357.3 million to the state budget.

The list of 1000 largest taxpayers based on the results of 9 months of 2022 did not include three insurance companies - Armenia Insurance, SIL Insurance and RESO.

In the total volume of tax payments of 1,000 large taxpayers, the share of the insurance sector in annual terms did not change much, amounting to 0.1% (vs 0.2%). It is noted that a year earlier (in January-September 2021), INGO Armenia occupied the leading position among insurers.

According to the Financial Rating of Insurance Companies of Armenia as of September 30, 2022, prepared by ArmInfo, total accumulated profit of the Armenian insurance sector as of this date exceeded AMD 7.2 billion, having increased by 91% y-o-y. All six insurers completed January-September 2022 period with a positive pre-tax and net profit. Moreover, the largest amount of pre-tax profit was provided by NAIRI Insurance, INGO Armenia and ROSGOSSTRAKH Armenia.

*EUR 1 = AMD 393.99 (01.10.2022)