ARMENIA: Insurers' consolidated net profit 74% up y-o-y

Net profit achieved by the six insurance companies operating on the Armenian market amounted to AMD 2.6 billion (EUR 4.9 million) in 1H2016, up by 74% y-o-y in local currency, according to ArmInfo Rating Agency. GWP grew by 4.2% to AMD 15.8 billion (EUR 29.8 million), while claims paid rose by 0.7% to AMD 6.2 billion (EUR 11.7 million).

According to the same source by the, four out of the six insurance companies saw higher net profits, with two of them (INGO Armenia and RESO) reporting a 2.3 - 3-fold increase as compared with 1H2015.   

However, ROSGOSSTRAKH Armenia maintained its leadership position in net profit terms, with AMD 1.2 billion (up 81.5% versus 1H2015), followed by INGO Armenia - AMD 523.7 million and NAIRI Insurance - AMD 426.3 million.

Insurance companies' assets in the first half of 2016 totaled AMD 40.2 billion, a growth of 3.5% from the beginning of the year; their liabilities fell by 2% to AMD 22.1 billion while the consolidated market capital grew by 11% to AMD 18 billion drams.

(Currency exchange: EUR 1= AMD 530.45, as at June 30th 2016)

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