AZERBAIJAN: A-Group's net profit in 2021 decreased, while premiums rose

14 March 2022 — Marina MAGNAVAL
A-Qroup, one of the leading insurance companies in Azerbaijan (included in the top-10), ended 2021 with net profit of about AZN 1 million (~EUR 0.52 million), which is 2.8 times less y-o-y, ABC.AZ reports based on the insurer's financial statements.

A-Qroup's revenues for 2021 amounted to AZN 20.52 million, up 19.1% y-o-y, while expenses reached AZN 19.26 million (+240.4%).

ABC.AZ reports that as of 01.01.2022, A-Qroup's assets amounted to AZN 25.39 million, which is 10.2% less than a year ago. The company's liabilities for the reporting period decreased by 8% to AZN 13.57 million, capital - by 12.7% to AZN 12.33 million.

It is noted that the company's GWP for 2021 increased significantly - by 12% to AZN 19.07 million. Health insurance remains a priority LoB, where A-Qroup collected AZN 14.81. Also, Motor Hull GWP increased by AZN 1 million, and the property insurance doubled.

A-Qroup has been operating in the insurance market for over 26 years and provides a wide range of insurance services for private and corporate clients in 14 types of voluntary and 3 types of compulsory insurance.

* 1 EUR = 1.9265 AZN (December 31st, 2021)

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