ARMENIA: tax payments of the insurance sector decreased by 14% y-o-y in 1H

3 August 2022 — Marina MAGNAVAL
According to the results of the first half of 2022, only three out of six insurance companies entered the list of 1000 largest taxpayers in Armenia - NAIRI Insurance, INGO Armenia and ROSGOSSTRAKH Armenia, ArmInfo reports.

Tax payments of insurers in the reporting period decreased by 14% y-o-y to AMD 918.7 million (~EUR 2.17 million). Of this amount, AMD 783.1 million related to direct taxes, which is 16% less than a year ago.

Among insurers, NAIRI Insurance made the most tax payments (AMD 403.3 million), moving up to 296th place (from 414th a year earlier). It is followed by INGO Armenia, which ranked 390th (AMD 305.8 million), while ROSGOSSTRAKH Armenia ranked 596th (AMD 209.5 million) in the list of 1000 largest taxpayers.

As ArmInfo notes, the remaining three insurance companies also ended the first half of the year with a profit. According to the Financial Rating of Insurance Companies of Armenia as of June 30, 2022, prepared by ArmInfo, total accumulated profit of the Armenian insurance sector exceeded AMD 6.1 billion, which is 56.6% more y-o-y. Balance sheet profit (pre-tax) increased 606 times, reaching AMD 2.7 billion, while net profit increased 19 times to AMD 2.3 billion.

*EUR 1 = AMD 423.87 (01.07.2022)

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