CASCADE INSURANCE COMPANY CLOSES LAST YEAR WITH 66.6 MILLION DRAMS OF NET PROFITS

ARKA
Feb 4, 2010

YEREVAN, February 4, /ARKA/. Cascade Insurance company closed last
year with a 66.6 million Drams of net profits, its deputy executive
director Levon Mamikonian told ARKA.

‘All our expectations came true, moreover, our net profits rose from
48 million Drams in the first 9 months of 2009 to 66.6 million at
the end of the year,’ he said.

He said the company’s assets grew last year by 48% to 1.9 billion
Drams, liabilities to 686.5 million Drams and the charter capital to
1.2 billion Drams.

Cascade Insurance plans to improve the quality of services, expand
its agents network and join the mandatory insurance of vehicles which
the government wants to introduce.

Cascade Insurance was registered in 2002. Sixty-five percent of its
shares are held by Cascade Capital Holding and 25% by the European
Bank for Reconstruction and development (EBRD).