Armenian insurance companies’ net profits drop by 60% in 2017

27.02.2018 19:00
Armenian insurance companies’ net profits drop by 60% in 2017

YEREVAN, February 27. /ARKA/. Six insurances companies operating in Armenia earned a total of 1.48 billion drams in net profit in 2017, down from 3.7 billion drams they had earned in 2016, according to Arka news agency’s quarterly bulletin "Insurance Companies of Armenia” for the fourth quarter of 2017.

Four companies - Rosgosstrakh-Armenia, Ingo Armenia, Nairi Insurance and Armenia Insurance- closed last year with profit, while Reso and Sil Insurance posted losses.

The leading company by size of net profit was Rosgosstrakh-Armenia, which earned 523.5 million drams, down from about 1.6 billion in 2016 (a 66.4% decrease). Ingo Armenia’s net profit slashed by 46.7% to 501 million drams. Nairi Insurance’s net profit dropped by 46.4% to 472.9 million drams and Armenia Insurance’s net profit rose by 4.9% to 404.3 million drams.

Reso’s losses amounted to 204.8 million drams against a profit of 2.9 million drams in 2016, while SIL Insurance’s losses amounted to 211.2 million drams against 15.1 million drams losses in 2016.
The combined assets of insurance companies last year totaled 45.5 billion drams, an increase of 5.4% from the previous year; their liabilities amounted to 27 billion drams, an increase of 12.8%, while their capital fell by 3.91% to 18.4 billion drams. ($ 1 - 480.84 drams). -0-

 


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