YEREVAN, April 23. /ARKA/. Armenia’s insurance companies posted 1,225 million drams in net profit as of the end of the first quarter 2014, an increase of 343.2mln compared to the same period of the year before, according to ARKA’s “Insurance companies of Armenia” quarterly bulletin for Q1 2014.

Six out of seven insurance companies operating in Armenia recorded profit in the period, but the last one – Sil Insurance – suffered loss of 38.5 million drams (compared to 53mln in Q1 2013).

According to ARKA’s analysis, Garant-Limens had the largest net profit in the period – 324.5 million drams compared to 52.7mln in the first quarter of 2013.

Rosstrakh-Armenia is the second with 286.3 million drams in profit (1.2mln in Q1 2013), followed by Reso with about 241.5mln drams (18.9mln in Q1 2013), Nairi Insurance with 189.9mln (130.9mln respectively), Armenia Insurance – 113.9mln (70.5mln), Ingo Armenia 107.4mln (121.9mln).

In general, Armenia’s insurance companied completed the year 2013 with a loss of 933 million drams against the profit of 525.4 mln drams in 2012.

Assets of Armenia’s insurance companies amounted to 44.3 billion drams, an increase of 2.7% compared to the same period of the year before. Liabilities were 28.9bln drams (1.5% increase) and capital totaled 15.4bln drams (5.1% increase).

As of the end of March 2014, there were seven insurance companies operating in Armenia. ($1=414.06drams).  –0—