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Cascade Insurance Company Closes Last Year With 66.6 Million Drams O

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  • Cascade Insurance Company Closes Last Year With 66.6 Million Drams O

    CASCADE INSURANCE COMPANY CLOSES LAST YEAR WITH 66.6 MILLION DRAMS OF NET PROFITS

    ARKA
    Feb 4, 2010

    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).
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