Rasco Insurance expects its net profit to total 300 million drams

17.11.2009 15:41
Rasco Insurance expects its net profit to total 300 million drams

YEREVAN, November 17, /ARKA/. Rasco Insurance company said it expects its net profit this year to total 300 million Drams. Rasco Insurance executive director Hovhannes Gevorkian said the company’s income before tax is estimated at 350 million Drams.

He attributed the growth to stepped up activities in the insurance market and to fluctuation of the exchange rate of Armenian Dram against USD and other hard currencies because the bulk of assets are in US Dollars. However, he added the company’s reserves have reduced due to dwindling incomes totaling now 101 million Drams.

‘It appears that our company operates at the cost of last year’s earnings. This is why our volumes have halved this year, but income nevertheless has doubled achieving 304 million Drams in the first nine months,’ he said.

Rasco Insurance has been operating in Armenia since 2004 October. Ninety percent of its shares are held by the Regional Investment Corporation and 10% by individual shareholders. Its clients are both cooperates ad individuals.

Rasco Insurance deals with insuring vehicles, passengers and drivers, offers also health, property and other types of insurances. As of September 30, 2009 its overall assets totaled 1.269 billion Drams. ($1 – 387.74 Drams ). -0-

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