ARMENIA: net profit in 1Q declines by 73%

14 May 2024 — Marina MAGNAVAL
In 1Q2024, the net profit of the Armenian insurance sector decreased by 73% y-o-y (vs an increase of 41.2% a year ago). Experts note that this was impacted by an increase in paid claims and a decline in premiums, while a year earlier they saw growth, ArmInfo reports.

It is noted that despite such an annual decline in profits, during the first quarter most insurance companies managed to make a profit after the loss recorded at the end of last year. Thus, in the first quarter (compared to the end of 2023) the net profit of the insurance sector increased 2.7 times, to AMD 459.8 million (EUR 1.08 million).

In terms of net profit in 1Q2024, Nairi Insurance (AMD 201.7 million) retained the leadership, Armenia Insurance (AMD 138.4 million) moved up to second position, REGO Insurance (AMD 130.6 million) moved up to third position, pushing INGO one position down (AMD 106.2 million). The fifth place is occupied by Sil Insurance (AMD 64.1 million). At the same time, two insurance companies - LIGA Insurance and Efes - ended the quarter with a loss of AMD 164.7 million and AMD 16.5 million, respectively.

*EUR 1 = AMD 424.11