INGO Armenia posts 50% profit growth

27.11.2009 17:46
INGO Armenia posts 50% profit growth

YEREVAN, November 27, /ARKA/. INGO Armenia insurance company said its profits in the first nine months of this year grew by 50% year-on-year to 396.3 million Drams.

Levon Altunian, the executive director of INGO Armenia, said 1.241 billion Drams were collected as insurance premiums, and the profit made 396.3 million Drams, but the insurance premium collection rate fell by 20% from a year before. He explained this disagreement by the fluctuating exchange rate of Armenian national currency against USD in Q1.

He said although in terms of profit the company gained but it lost, like other insurance companies globally, in terms of business development. Despite this, he said, the company has maintained good growth opportunities, which is expected to start once the recession is over.

Nevertheless, he said, INGO Armenia reported growing insurance payments which rose to 349.9 million Drams in January-September from 312 million from a year before.

INGO Armenia insurance company was established in 1997. In 2004 75% of its shares were acquired by Invest Polis, owned fully by Russian INGOSTRAKH. As a result the company was renamed INGO Armenia. Twenty-five percent of shares are owned by Levon Altunian (Armenia). ($1-386.19 Drams) -0-

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