Azerbaijani insurer completes capital elevation process

Azerbaijani A-Qroup insurance company has completed process of increase in authorized capital by 62 percent, the company's statement said on Monday.

"In the frame of its long term development program, A-Qroup Insurance Company processed next elevation of authorized capital stock. As a result, this number changed from 2.906.250 million manat to 4.719.750 million manat. A-Qroup development program implies further accretion of this activity," the statement said.

Total volume of insurance premiums collected by A-Group within 1st quarter 2012 is 4.409.979 million manat.

"Major part of total income is provided by voluntary medical insurance. It should be noted, that premiums for property insurance for 3 months in 2012 totaled 201,363 manat, and fees on car insurance - 148,487 manat," the statement said.

In 1st quarter 2012 A-Group paid out losses in amount of 1.114.056 million manat.

A-Group Insurance Company was founded in 1995 and currently offers 14 types of voluntary insurance. In the beginning of current year the Company repeatedly assured compliance of its management system to ISO 9001 international standard. A-Group is the only insurance company selected by the International Finance Corporation (IFC) for cooperation within the second phase of the Corporate Governance Improvement Pilot Program.


/Trend/