Combined assets of Armenian insurance companies surge by 19.3% in first quarter

26.05.2011 15:20
Combined assets of Armenian insurance companies surge by 19.3% in first quarter

YEREVAN, May 26, /ARKA/. Combined assets of Armenian insurance companies surged by 19.3% or 4.6 billion drams in the first quarter of 20011 to 28.4 billion drams, according to findings of an analysis made by ARKA news agency.

The leading bank by size of assets was Rosgosstrakh whose assets soared by 36.3% or 1.8 billion to 6.9 billion drams. The Russian-owned company accounted for 24.5% of the combined assets of all insurance companies operating in the country.

Ingo Armenia came in second with a total of 5.3 billion drams worth assets which were said to have grown by 25% in the first three months of 2011 or 1.1 billion drams to make 18.5% of the combined assets of all companies. Cascade Insurance was third with 3.3 billion drams worth total assets. They were said to have dropped by 3.2% or 108 million drams to make 11.7% of the combined assets.

Nairi Insurance assets grew by 11.9% or 354.4 million drams to a little over 3.2 billion drams. Its share in the combined assets was 11.6%. Garant Limens’ assets saw a 36.1% increase (778.6 million drams) to 2.9 billion drams. It accounted for 10.14% of the combined assets.

The highest growth rate of 36.3% was reported by Rosgosstrakh, Garant Limens (36.1%) and Ingo Armenia (25%). Presently there are 9 insurance companies in Armenia. The report of one company was not available. ($1 – 376.11 drams). -0-


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