AZERBAIJAN: PASHA Life maintains a leading position in the market; A-Group's quarterly growth exceeded 18%

10 May 2022 — Marina MAGNAVAL
PASHA Life, the leading life insurer in Azerbaijan, according to the results for the first quarter of 2022, maintains growth trends and a leading position in the country's insurance market, Trend reports.

According to the company's data at the end of the first quarter, the insurer's total capital increased by 17% y-o-y to AZN 80 million, total assets increased by 20% to AZN 485 million.

The company's GWP increased by 62% compared to the first quarter of 2021 and reached AZN 86 million (~EUR 45.72 million), while paid claims amounted to AZN 14 million.

The total revenue of PASHA Life for 1Q amounted to AZN 8 million with an annual increase of 29%.

PASHA Life has been operating since November 2010. The company offers its clients various life insurance products, including Compulsory Accident and Occupational Disease Insurance, and other individual and corporate life insurance products.

A-Qroup Insurance Company, which has been successfully operating in the insurance market of Azerbaijan for over 26 years and is among the top 15 insurers, also announced its results for the first quarter of 2022 - GWP increased by more than 18% y-o-y.

According to the company, for the first three months of 2022, GWP amounted to AZN 4.86 million, and paid claims - AZN 2.66 million. The largest number of paid claims was made on voluntary health insurance - AZN 2.49 million. It is noted that the company's results of the reporting period demonstrate a stable positive trend.

A-Qroup provides a wide range of insurance services for private and corporate clients in 14 types of voluntary insurance and 3 types of compulsory insurance.

*EUR 1 = AZN 1.881 (01.04.2022)

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