Azerbaijan’s Compulsory Insurance Bureau to increase investment portfolio

Azerbaijan’s Compulsory Insurance Bureau (ISB) intends to increase its annual investment portfolio until the end of 2016, ISB Executive Director Elkhan Guliyev told reporters in Baku June 23.

He said that as of today the ISB’s portfolio is 30 million Azerbaijani manats (1.5301 AZN/USD on June 23), but it is planned to bring the portfolio up to 33-34 million manats until the end of the year.

“We are diversifying our portfolio and our funds are placed not only in manats, but also in US dollars, euros and securities,” added Guliyev.

He noted that ISB’s investment portfolio increased by almost 50 percent during 2015.

“This growth is caused by the fact that a part of our investment portfolio was placed in US dollars, and as a result of the two devaluations of the national currency our funds in manat equivalent have increased significantly,” Guliyev explained.

The Bureau’s reserves doubled and totaled 25.24 million manats in 2015. ISB’s assets amounted to 33.08 million manats during the reporting period, which is 64.4 percent more than in 2014.

In 2015, ISB had a net income of 12.62 million manats, which is 2.6 times more than in 2014.

Azerbaijan’s Compulsory Insurance Bureau (ISB) began to operate in 2011.

Source: Trend News Agency