PROFIT OF ARMENIAN INSURANCE COMPANIES MADE OVER 421 MILLION DRAMS IN 2006
Noyan Tapan
Mar 12 2007
YEREVAN, MARCH 12, NOYAN TAPAN. As of December 31, 2006, 23 insurance
companies operated in Armenia against 13 ones as of the same day of
2005. According to data of the Central Bank of Armenia (CBA), in late
2005, the overall assets of insurance companies made 9 bln 878 mln
761 thousand drams, while in late 2006, these assets made 8 bln 148
mln 578 thousand drams (about 19 mln 586 thousand USD). The overall
funds of these companies on the indicated dates made 1 bln 516 mln
103 thousand drams and 1 bln 215 mln 998 thousand drams respectively,
fixed assets – 1 bln 67 mln 972 thousand drams and 615 mln 985 thousand
drams, own capital – 4 bln 426 mln 227 thousand drams and 5 bln 526.5
mln drams, authorized capital – 4 bln 108 mln 32 thousand drams and
5 bln 198 mln 226 thousand drams respectively. The short-term bills
payable of Armenian insurance companies amounted to 1 bln 730 mln 609
thousand drams in late 2005 and to 1 bln 395 mln 895 thousand drams
in late 2006. Their short-term bills receivable made 1 bln 520 mln
310 thousand drams and 1 bln 823 mln 609 thousand drams respectively;
insurance reserves – 3 bln 691 mln 837 thousand drams and 1 bln 200 mln
654 thousand drams. The total amount of insurance premiums of insurance
companies made 4 bln 351 mln 410 thousand drams in 2005 against 5 bln
123 mln 716 thousand drams in 2006, insurance premiums transferred
to re-insurers – 2 bln 387 mln 490 thousand drams and 3 bln 78 mln
443 thousand drams, insurance premiums for life insurance – 24 mln 84
thousand drams and 29 mln 837 thousand drams, insurance premiums for
non-life insurance – 4 bln 327 mln 327 thousand drams and 5 bln 93
mln 879 thousand drams. The total amount of insurance compensations
of Armenian insurance companies made 521 mln 675 thousand drams in
2005 against 27 bln 263 mln 540 thousand drams in 2006, the share of
re-insurers in insurance compensations – 322 mln 293 thousand drams
and 26 bln 968 mln 206 thousand drams, insurance sums transferred for
re-insurance – 1 trillion 683 bln 228 mln 912 thousand drams and 2
trillion 208 bln 262 mln 577 thousand drams. As of December 31, 2005,
Armenian insurance companies had 23,508 thousand operating agreements
against 28,727 thousand ones as of December 31, 2006, the insurance
sums stipulated by these operating agreements amounted to 1 trillion
734 bln 47 mln 253 thousand drams and 2 trillion 366 bln 239 mln 95
thousand drams. In 2005, the profit of insurance companies made 298
mln 984 thousand drams, while in 2006 – 421 mln 126 thousand drams.