YEREVAN, May 25. /ARKA/. Net profit of six Armenia-based insurance companies in the first quarter of 2017 slashed by 60.3% year-on-year to 518.9 million drams, according to ARKA news agency’s quarterly bulletin "Insurance Companies of Armenia" for the first quarter of 2017.

Four companies closed the first quarter of 2017 with profit- Rosgosstrakh-Armenia, Ingo Armenia, Armenia Insurance and Nairi Insurance, while Sil Insurance and Reso reported losses.

Rosgosstrakh-Armenia reported the largest amount of net profit -198.8 million drams against 611.5 million drams in the first quarter of 2016 (a decrease of 67.5%).

Ingo Armenia’s net profit amounted to 149.8 million drams (a decline of 26.3%), Armenia Insurance was third by size of net profit with 146.5 million drams (a decline of 6.6%) and Nairi Insurance earned 104.8 million drams (a decline of 55.5%).

Sil Insurance’s loss amounted to 15 million drams against the profit of 16.4 million drams in the same period in 2016. Reso completed the quarter with a loss of 66.1 million drams against 83.5 million dram profit in the first quarter of 2016.

The assets of the six insurance companies in the first quarter of 2017 amounted to 44.3 billion drams (an increase of 10.1%), their liabilities amounted to 24.4 billion drams (an increase of 7.9%) and their capital to 19.9 billion drams (an increase of 12.9%). ($ 1 - 482.13 drams). -0-