Success and failures of central insurance in 1401
Although the Central Insurance has reduced its accumulated losses in the last year, it has not been able to fully achieve its target values.
Central Insurance was established in 1350 in order to regulate, generalize and guide insurance in Iran and to support policyholders and insured and their rights holders, as well as to exercise government supervision over this activity as a joint stock company.
The performance report of Central Insurance shows that this institution had 22.5 hemats of insurance income last year, which was an increase of 47.1% compared to 1400, more than 22 hemats of insurance income was spent on insurance expenses, which was an increase of 47.6% compared to 1400. .
The gross profit of this institution from the activities of 14 insurance fields last year was about 512 billion tomans, which has increased by 29.1% compared to 2014.
Central Insurance earned gross profit from eight categories of cargo, fire, third party, aircraft, engineering, liability, oil and energy and term life insurance, and from six categories of accidents, driver accidents, body insurance, treatment, ship and life insurance and Capital formation has suffered a gross loss.
The highest gross profit of Central Insurance among insurance fields is related to compulsory third party insurance, so that this institution earned 4.1 percent of gross profit from this field last year. On the other hand, the largest gross loss of Central Insurance was caused by medical insurance, which was equal to 4.8 hemats.
In total, Central Insurance managed to earn 80 billion tomans in net profit in 1401, which is a decrease of 5.3% compared to 1400.
Also, the accumulated losses of Central Insurance decreased last year and almost halved, from 84.2 billion Tomans in 1400 to 44.1 billion Tomans in 1401.
Comparing the approved budget of the central insurance in different sectors with the performance of this institution in 1401 shows that this government institution failed to reach the targeted values in many sectors. Central Insurance had approved in 1401 to reach a net profit of 140 billion tomans, while 57% of this amount was realized.
The state of central insurance investments
According to this report, in 1401, Central Insurance has invested more than 42 billions in securities and bank deposits, as well as 470 billion Tomans in the real estate sector.
Last year, Central Insurance’s income from investment from insurance sources was about 6.4 hemats, which has increased by 34% compared to 1400. The highest income of Central Insurance came from investment in investable companies and then bank deposits.
Payment of large central insurance loans to employees
In 1401, Central Insurance spent nearly 175 billion tomans to pay salaries, wages and benefits to its employees, whose number was 469. In other words, it can be said that Central Insurance employees received an average of 373 million Tomans in salaries and benefits last year (equivalent to 31 million Tomans per month).
On the other hand, this institution has almost doubled the amount of facility payments to its employees in the last year. Last year, the central insurance company paid 839 billion tomans in facilities, divided into 253 billion tomans for essential loans with a maximum repayment period of 15 years, 559 billion tomans for housing loans with a maximum repayment period of 25 years, and about 27 billion tomans for car loans with a maximum repayment period of 10 years. The interest rate of this facility is 10%.
In this regard, it can be said that on average, each Central Insurance employee received almost two billion Tomans (exactly equivalent to 1.8 billion Tomans) from this institution with an interest rate of 10%.
