Armenian insurance companies’ net profit in first 9 months drops to 1.7 billion drams

21.11.2017 11:24
Armenian insurance companies’ net profit in first 9 months drops to 1.7 billion drams

YEREVAN, November 21. /ARKA/. Six insurance companies operating in Armenia earned a total of 1.7 billion drams in net profit in the first 9 months of this year, down from 3.9 billion drams they had earned a year earlier. The drop amounted to 56.1%, according to "Insurance Companies of Armenia," a quarterly bulletin, issued by ARKA news agency for the third quarter of 2017.

Four of these companies closed the first 9 months 2017 with profit. They are Rosgosstrakh-Armenia, Nairi Insurance, Armenia Insurance and Ingo Insurance, while Sil Insurance and Reso suffered losses.

The leading company by size of net profit was Rosgosstrakh-Armenia, which earned 753.5 million drams, down from 1.728 billion drams, it had earned in the first 9 months of 2016 (a 56.7% decrease from the year before).

Nairi Insurance posted a profit of 386.4 million drams (a decline of 40.8%), Armenia Insurance earned 347.5 million drams (a growth of 15.3%) and Ingo Armenia reported 308.7 million drams in net profit (a decline of 63.6%).

Sil Insurance posted 32.6 million drams in losses against 78.3 million drams of profits in the same time span of 2016. Reso earned 52 million drams in net profit, down from 287.1 million drams a year ago.

The aggregate assets of Armenian insurance companies in late September 2017 stood at 42.9 billion drams (a drop of 1.1 1% from the beginning of the year), their liabilities fell by 2.3% to 23.3 billion drams and their capital grew by 0.3% to 19.5 billion drams. ($ 1 - 486.78 drams) -0-


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