Azerbaijan Agricultural Insurance Fund completes first year of work with loss

By Trend

Azerbaijan Agricultural Insurance Fund has completed its first year of work (2020) with a net loss of 1.4 million manat ($823,500), Trend reports citing the fund's financial report.

According to the report, the fund's pre-tax loss amounted to 1.7 million manat ($1 million) in the specified period, and income after income tax – 288,000 manat ($169,400).

The fund's assets amounted to 7.979 million manat ($4.6 million) as of January 1, 2021.

Fund said that 437,000 manat ($257,000) of overall assets were formed at the expense of the fund's liabilities, and 7.5 million manat ($4.4 million) - at the expense of balance capital.

The Azerbaijan Agricultural Insurance Fund was established by the decree of the Head of State dated August 19, 2019.

Its authorized capital is nine million manat ($5.2 million).