ArmInfo. Armenia's insurance sector increased its net profit in the first half of 2026 by 71.4% year-on-year (versus a 2.1-fold increase a year ago), reaching AMD 3.3 billion ($9.1 million). Moreover, this high double-digit growth rate, despite some slowdown, is the result of tariff increases introduced a year ago, which boosted premium and claim growth. While collections have significantly weakened, payments have accelerated. This is evidenced by the Financial Rating of Armenian Insurance Companies as of June 30, 2026, prepared by ArmInfo Investment Company based on published financial reports and additional data requested from insurance companies.
Specifically, insurance premiums slowed in year-on-year growth from 7.2% to a meager 1.1%, while claims accelerated in growth from 4.3% to 4.7%, amounting to AMD 41.9 billion ($114 million) and AMD 23.3 billion ($63.4 million), respectively.
In terms of net profit for the first half of 2026, Armenia Insurance IC took the lead with AMD 766.3 million (up from third place a year ago). Nairi Insurance moved up to 2nd place, up from 5th last year, with a net profit of 718.7 million drams. INGO Insurance moved up to 3rd place, up from 7th last year, with a net profit of 651.8 million drams. Liga Insurance and Rego Insurance, which occupied the top two positions last year, took 5th and 4th positions, respectively, in the first half of 2026, with net profits of 526.9 million drams and 544.2 million drams. Sil Insurance maintained its 6th position with a net profit of 214.7 million drams. SC Efes, which demonstrated the greatest growth in net profit several times a year ago and was then in 4th place, now finds itself in last place with a loss of 77.5 million drams.
INGO recorded the largest net profit growth (7.3 times, after last year's net profit growth of 2.1 times, going from negative to positive), while Efes recorded the only decline (2.2 times, compared to the highest growth of almost 5 times a year ago). Armenia Insurance, the leader in net profit, improved its year-on-year performance, moving from a slight decline to a significant 2.1-fold increase.
Nairi Insurance took the lead in insurance premium volume with 7.6 billion drams, while it remains the leader in claims with 4.3 billion drams. This pushed Efes Insurance Company down to second place in premiums with 6.5 billion drams, while its reimbursement figures dropped from third to sixth place with 2.8 billion drams, with both indicators deteriorating year-over-year, from growth to a double-digit decline. Liga Insurance Insurance Company ranks third in premiums and reimbursements with 6.4 billion drams and 3.5 billion drams, respectively. INGO Insurance Company, which held onto its fourth position in premiums with 5.9 billion drams, moved up from fifth to second in reimbursements with 4.1 billion drams. Sil Insurance Insurance Company moved up from sixth to fifth place in premiums and reimbursements with 5.9 billion drams and 3.1 billion drams, respectively. REGO Insurance, which ranked seventh in both premiums and claims a year ago, has moved up to sixth in premiums (4.8 billion drams) and fourth in claims paid (3.3 billion drams). Armenia Insurance, which ranked fifth in premiums and fourth in claims a year ago, has fallen to seventh place, with premiums and claims paid (4.7 billion drams) and 2.2 billion drams, respectively.
Of the seven operating insurance companies, three saw annual premium growth (6-31%, with Sil Insurance seeing the highest growth and Nairi Insurance seeing the lowest). Four insurance companies saw annual growth in claims (10-41%, with INGO seeing the highest growth and Nairi Insurance seeing the lowest growth). It's worth noting that last year, INGO saw the highest double-digit decline in claims despite strong double-digit premium growth, while Nairi Insurance also saw the lowest premium growth, but with a decline in claims. Of the seven insurance companies operating in the Armenian market, four saw a decline in premiums (12-2%, with Efes seeing the highest decline), while three saw a decline in claims (25-8%, with Armenia Insurance and Efes seeing the highest decline).
ArmInfo analysts believe it's appropriate to clarify that the change in LIGA Insurance's position in the Armenian insurance market in 2025 was due to a transaction underway during that period involving the transfer of a controlling stake to European companies. However, on February 3, 2026, this process was completed and approved by the Central Bank of Armenia. As a result, the Austrian financial concern GRAWE REINSURANCE LIMITED LLC (75%) and the investment group CQ Investment Group LLC (25%) acquired 100% of the shares of LIGA Insurance, which will continue to operate in the Armenian market without a name change, but will indicate that it is a member of the GRAWE Group. It is noteworthy that from this point on, life insurance will become LIGA Insurance's strategic growth area in the coming years. In this regard, the Central Bank has scheduled discussions in the National Assembly of Armenia to amend the RA Law "On Insurance" to allow for life and non-life insurance (life and general insurance) to be provided under a single license.
The agency's analysts also note that the transition of insurance companies' financial reporting to the new format is increasingly contributing to the concealment of important indicators, hindering market analysis. It's worth noting that, unlike the previous reporting format, the new version lacks a unified approach to financial reporting, allowing insurance companies to selectively disclose certain balance sheet indicators. ArmInfo Investment Company is therefore requesting important data from insurance companies that are missing from the new format, as it has become difficult for them to independently analyze the market situation.
As a reminder, 18 of the 20 existing insurance classes are currently in use in the Armenian insurance market, excluding railway liability insurance and legal and extrajudicial expenses insurance.
Armenia Insurance is the only insurance company licensed for railway insurance. INGO and Armenia Insurance are licensed for the largest number of classes, with 16 each, and LIGA Insurance with 15. Efes is the only insurance company not licensed for compulsory motor third-party liability insurance (OSAGO). (The estimated exchange rate for the dram to the dollar as of June 30, 2026, was 367.89 AMD/$1.)
