Hafez insurance increases capital
According to the reporter of Akhbar Poli Mali news site, based on the notice that Hafez Insurance Company posted on the Kodal system on December 26, the company’s extraordinary general assembly is scheduled to be held on January 5 to decide on its capital increase.
Based on this, the capital of this company is supposed to increase from 50 billion tomans to more than 135 billion and 867 million tomans, based on the excess revaluation of assets. Then, the General Assembly got the authority to agree to the increase of the second capital from 185 billion 800 million tomans to 300 billion tomans and from the cash contribution of the shareholders. Of course, the condition of this issue is to implement this capital increase for 2 years and with the approval of the Central Insurance and the Stock Exchange Organization.
In the explanatory report of this company, which was also approved by the legal auditor, it is stated that “in the implementation of Note 2 of Article 161 of the amendment of the Trade Law and with the aim of justifying the increase of capital in the amount of 250 billion tomans, the shareholders’ cash contribution in the amount of 141.3 billion Tomans and the surplus resulting from the revaluation of tangible fixed assets (land and buildings) in the amount of 135.8 billion Tomans in the implementation of the provisions of Article 14 of the law on maximum use of the country’s production and service capacity and protection of Iranian goods, as well as the organization’s circular 30/98/200 Tax affairs, based on the inclusion of the tax exemption stipulated in Note 1 of Article 149 of the Direct Taxes Law, through the issuance of new shares in order to reform the financial structure, provide working capital, improve the company’s wealth rating, expand insurance activity and issue insurance policies throughout the country (activity In the mainland), increasing the profitability and development of the company’s financial capital, increasing the share of the allowed risk holding” has been prepared.
The audit institute has emphasized that the capital increase of 135 billion tomans from the revaluation of assets was “unimpeded” and also regarding the capital increase of 141 billion tomans from the shareholders’ cash contribution, it has not come across “cases to be convinced that the aforementioned assumptions are a reasonable basis for preparing an explanatory report.” does not provide
Reviewing the financial statements of Hafez Insurance for the first 6 months of this year (unaudited) shows that the net profit per share of this company has grown by 351% in this period and has increased from 37 Rials to 167 Rials.
Its gross insurance premium income has reached 107 billion and 815 million Tomans with a 70% growth compared to the same period of the previous year.
Hafez Insurance has announced its investment income from insurance resources in this period of 2 billion and 282 million tomans, which may not be a high figure, but it shows a jump of 642% compared to the first 6 months of 1400.
Other insurance incomes of this company increased by 201% in the first 2 quarters of this year and reached 5 billion 297 million tomans.
The net profit of Hafez Insurance during this period was 8 billion and 346 million tomans, which is 346% more than the first 6 months of the previous year.
It seems that despite the fact that Hafiz Insurance’s accumulated losses have reached more than half of its capital, but the increase in the first capital, which has been approved by the auditor and is almost an obstacle in its way, will cause this company, which is one of the first insurers in free and special economic zones, should be removed from the provisions of Article 141 of the amendment to the Trade Law. The second capital increase, which is supposed to be realized within 2 years, will enable this company to gradually increase its share of the country’s insurance cake and improve its permitted risk holding capacity.
It is important to mention that the insurance companies present in free and special economic zones are facing various challenges, the most important of which is the limitation in the insurance space and the presence of mainland companies next to them. This means that they cannot operate in the mainland, but mainland companies have the possibility to compete with them in the limited space of free and special economic zones.