Wednesday, April 26 2023 18:37

ArmInfo.The list of 1000 largest taxpayers in Armenia in Q1 2023 included 3 insurance  companies out of 6 operating ones. According to the data of the State  Revenue Committee, the list includes Liga Insurance,  Nairi  Insurance, and INGO Armenia.

During the reporting period, the Armenian insurance sector reduced  tax payments to the state treasury by 27% - to 403.8 million drams.  Of this amount, 78.6% or 317.8 million drams were transferred as  direct taxes, with a y-o-y decline of 34%.

Among insurance companies, Liga Insurance became the leader in terms  of tax payments, taking 449th place (versus 326th a year earlier) and  paying 168.1 million drams to the state budget, of which 134.7  million drams - for direct taxes.

Followed by "Nairi Insurance", taking 599th place (against 241st a  year earlier), which paid 123.4 million drams to the state budget, of  which 97.1 million - for direct taxes.

INGO Armenia, which occupied 664th place in the list (against 303rd a  year earlier), paid 112.4 million drams to the state budget, of which  86 million - direct taxes.

The list, like a year earlier, did not include "Armenia Insurance",  "Sil Insurance" and  "REGO Insurance".

It should be noted that in Q1 2022, the insurance sector of Armenia  sent 549.6 million drams to the state treasury, of which 478.1  million drams were direct taxes. The leadership then was held by  Nairi Insurance", followed by INGO Armenia and Liga Insurance.

It should be noted that in December 2022, two insurance companies,  RESO and Rosgosstrakh Armenia, rebranded, the name change of the  first one to REGO Insurance was also accompanied by a change in the  composition of shareholders, while the second one was simply renamed  Liga Insurance. .

Meanwhile, according to the Financial Rating of Insurance Companies  of Armenia as of March 31, 2023, prepared by ArmInfo, 6 Armenian  insurance companies operating in the country ended the first quarter  of this year with a net profit, having managed to increase it without  exception over the reporting period. Thus, the total balance sheet  profit (pre-tax) increased by 39% year-on-year, reaching 2.03 billion  drams ($5.2 million) in the first quarter, after paying tax, which  generated a net profit of 1.7 billion drams ($4.4 million, with a  y-o-y increase of 41.2%). The leader in terms of net profit is Nairi  Insurance, the second place is occupied by "Liga Insurance", INGO  Armenia ranks 3rd, Armenia Insurance 4th, REGO Insurance 5th  and Sil  Insurance 6th. (As of March 31, 2023, the estimated exchange rate of  the dram against the dollar was 388.48 AMD / $1.