According to the State Revenue Committee, during the reporting period, the insurance sector of Armenia increased tax payments to the state budget by 9.3% y-o-y, having remitted AMD 441.4 million (~EUR 1.04 million).
Among insurance companies, the leader in tax payments is LIGA Insurance, which moved up over the year from 449th to 379th place, having paid AMD 192.6 million to the state budget. It is followed by Nairi Insurance (430th place), which has paid AMD 168 million. At the same time, INGO Armenia dropped over the year from 664th to 882nd position, having paid AMD 80.7 million.
A year earlier, in 1Q2023, the insurance sector of Armenia reduced tax payments to the state budget by 27%, to AMD 403.8 million. It is noted that a year ago the composition and ranking of insurers in the list of 1000 largest taxpayers in Armenia was the same.
According to the Financial Rating of Insurance Companies in Armenia as of March 31, 2024, prepared by ArmInfo, out of 7 insurance companies operating in the country, 4 insurers ended 1Q2024 with a profit, but were unable to ensure growth. The total balance sheet profit (pre-tax) decreased by 75% y-o-y (vs an increase of 39% a year earlier), amounting to AMD 513.7 million (USD 1.3 million) in the first quarter. Net profit amounted to AMD 459.8 million (USD 1.2 million).
The leader in terms of net profit is Nairi Insurance, followed by Armenia Insurance, REGO Insurance (former RESO), and INGO (former INGO Armenia).
*EUR 1 = AMD 425.50 (31.03.2024)
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