ISG insurance company projects to finalize 2009 with profit
As a result of March devaluation of Armenian dram the ISG insurance LLC suffered a 64 million AMD of losses, Hovhannes Galstyan, ISG CEO told a PanARMENIAN.Net reported in an interview. According to him, Mika Limited, shareholder of ISG, made a decision to increase its authorized capital to resolve problems.
According to Mr. Galstyan, the difficulties have been overcome, the authorized capital was increased from AMD 500 million to AMD 606 million, avoiding the risk of violations of the required level of authorized capital.
According to Mr. Galstyan, for a certain period the company will not be profitable, but late this year ISG will operate at a profitability level.
ISG is the first insurance company registered and licensed by the Central Bank of Armenia in 2007, was established on the basis of the Grand Insurance company having a 10 year experience in the insurance market of Armenia.
According to Mr. Galstyan, the difficulties have been overcome, the authorized capital was increased from AMD 500 million to AMD 606 million, avoiding the risk of violations of the required level of authorized capital.
According to Mr. Galstyan, for a certain period the company will not be profitable, but late this year ISG will operate at a profitability level.
ISG is the first insurance company registered and licensed by the Central Bank of Armenia in 2007, was established on the basis of the Grand Insurance company having a 10 year experience in the insurance market of Armenia.
