ARMENIA: tax payments of insurers in 1H2021 increased by more than 45% y-o-y

3 August 2021 — Marina MAGNAVAL
In the first half of 2021, tax payments of the insurance sector of Armenia to the state treasury increased by 45.3% y-o-y and reached AMD 1.5 billion (EUR 2.55 million*), of which AMD 1.4 billion are direct taxes (including income tax, profit tax), which is 50% more y-o-y, ArmInfo reports.

According to the State Revenue Committee of Armenia, based on the 1H2021 results, only RESO was not included in the list of 1000 largest taxpayers of Armenia out of six operating insurance companies, same as in the previous year. The list of insurance companies by the size of tax payments this time was headed by INGO Armenia, rising from 341st to 249th place, having paid AMD 432.9 million to the state budget. It is followed by ROSGOSSTRAKH Armenia (288th place, AMD 371.6 million), in third place among insurers - NAIRI Insurance (310th place, AMD 344.5 million paid).

The Financial Rating of Insurance Companies of Armenia, prepared by ArmInfo, shows that total accumulated profit of the insurance sector at the end of June 2021 amounted to AMD 3.9 billion, having decreased by 25.2% y-o-y. The pre-tax profit of insurers decreased by half compared to 1H2020, staying in the positive area at the level of AMD 4.4 million. However, net profit after taxes went down by AMD 130.6 million (a two-fold annual decline). Of the six insurers, three completed the first half of the year with net profit - INGO Armenia, Armenia Insurance and NAIRI Insurance (AMD 556.3 million summed), while total loss of the remaining three companies amounted to AMD 686.9 million.

*at the following exchange rate:

1 EUR = 587.62 AMD (as of 01.07.2021)

Share |