Cascade insurance company closes last year with 66.6 million drams of net profits

YEREVAN, February 4, /ARKA/. Cascade Insurance company closed last year with a 66.6 million Drams of net profits, its deputy executive director Levon Mamikonian told ARKA.

‘All our expectations came true, moreover, our net profits rose from 48 million Drams in the first 9 months of 2009 to 66.6 million at the end of the year,’ he said.

He said the company’s assets grew last year by 48% to 1.9 billion Drams, liabilities to 686.5 million Drams and the charter capital to 1.2 billion Drams.

Cascade Insurance plans to improve the quality of services, expand its agents network and join the mandatory insurance of vehicles which the government wants to introduce.

Cascade Insurance was registered in 2002. Sixty-five percent of its shares are held by Cascade Capital Holding and 25% by the European Bank for Reconstruction and development (EBRD). M.M. -0-