ARMENIA: tax payments of insurers to the state treasury increase by 10% y-o-y in 1H2023

7 August 2023 — Marina MAGNAVAL
In 1H2023, the Armenian insurance sector increased tax payments to the state treasury by 10%, providing total of AMD 1.010 billion (~EUR 2.40 million), of which AMD 855.1 million were direct taxes, with an annual growth of 9.2%, ArmInfo reports.

According to the State Revenue Committee, the list of 1000 largest taxpayers in Armenia in the reporting period included three insurance companies out of six operating in the market: Liga Insurance, Nairi Insurance, and INGO Armenia, same as a year earlier.

Liga Insurance (formerly Rosgosstrakh Armenia) became the leader among insurance companies in terms of tax payments, having taken 369th place (vs 596th a year earlier) and paid AMD 442.6 million to the state budget. It is followed by Nairi Insurance, which ranked 527th and paid AMD 323.6 million to the state budget, and INGO Armenia, which ranked 716th and paid AMD 243.8 million.

According to the Financial Rating of Insurance Companies of Armenia as of June 30, 2023, prepared by ArmInfo, the insurance sector of Armenia ended the first half of this year with a net profit, and all insurers managed to increase it during the reporting period. Total balance sheet profit (pre-tax) increased by 39.2% y-o-y, exceeding AMD 3.4 billion, while net profit amounted to AMD 2.9 billion (+38.9%). The leader in terms of net profit is Nairi Insurance, followed by INGO Armenia and Armenia Insurance.

*EUR 1 = AMD 419.40 (01.08.2023)