ARMENIA: annual increase to insurer taxes exceeded 11% in 1Q2019

In the first quarter of 2019, Armenian insurers paid 11.8% more y-o-y in taxes. Total taxes of the insurance industry amounted to AMD 633.9 million, of which AMD 542.3 million (86%) fell into direct taxes, ArmInfo reported.

All Armenian insurers are included in the 1000 largest taxpayers of the country. ROSGOSSTRAKH Armenia leads in terms of paid taxes (AMD 226.2 million), followed by INGO Armenia (AMD 166.5 million) and NAIRI Insurance (AMD 77.9 million). SIL Insurance paid the least of all (AMD 44.1 million).

According to the Financial Rating of Armenian Insurance companies, prepared by ArmInfo, insurer profit before tax in 1Q2019 amounted to AMD 165 million (+30.4%), and net profit grew by 39.9%, to AMD 100.7 million. Of the six existing insurance companies, the first place in terms of net profit is held by INGO Armenia, while NAIRI Insurance ranks second and RESO third. The remaining three companies ended the first quarter of 2019 with losses.

*1 EUR = 545.30 Dram - AMD (March 31st, 2019)

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