ArmInfo. Armenia's insurance sector increased net profit by 80% year-on-year in the first nine months of 2026 (versus a fourfold increase a year ago), reaching AMD 5.1 billion ($13.9 million). Moreover, this double-digit growth rate, despite a significant slowdown, is the result of tariff increases a year ago, which boosted premium and claim growth. However, collections have now stagnated, and payments are also noticeably slowing. This is evidenced by the Financial Rating of Armenian Insurance Companies as of September 30, 2026, prepared by ArmInfo Investment Company based on published financial reports and additional data requested from insurance companies.
In particular, insurance premiums slowed in year-on-year growth from a double-digit 16.6% to a stagnant 0.2%, while indemnity growth weakened from 8.1% to 1.7%, amounting to 63.3 billion drams ($174.5 million) and 35.7 billion drams ($98.5 million), respectively.
In terms of net profit for the first nine months of 2026, Armenia Insurance Insurance Company took the lead with 1.2 billion drams (up from 2nd place a year ago). Nairi Insurance moved up to 2nd position from 4th position last year, having ensured a profit of over 928 million drams. LIGA Insurance maintained its 3rd position with 860.4 million drams. REGO Insurance moved down to 4th position (from 1st position last year) with 817.9 million drams. INGO Insurance moved up to 5th position (from 7th position last year), having gone from loss to profit of 716.4 million drams. Sil Insurance continues to occupy 6th position with a net profit of 612.3 million drams. Efes Insurance Company, which demonstrated the largest multiple increase in net profit a year ago and was then in 5th place, now ranks last with a loss of 44.8 million drams (7th place).
INGO saw the largest increase in net profit – 15 times (moving from last year's negative level to this year's positive), while Efes recorded the only decline – 2.1 times (dropping from positive to negative, compared to the opposite pattern a year ago – a 33-fold jump from negative to positive). Armenia Insurance, the leader in net profit, was able to significantly accelerate its annual growth from 15.7% to 97.7%, which allowed it to almost double its positive level.
Nairi Insurance retained its lead in insurance premiums with 11.6 billion drams (with a slowdown in growth), and continued to lead in claims with 6.9 billion drams (with a turnaround from decline to growth). Efes Insurance Company secured second place in premiums with 9.64 billion drams, slipping from fourth to sixth in claims with 4.2 billion drams, with both indicators deteriorating year-on-year from double-digit growth to decline. INGO Insurance Company retained third place in premiums. - 9.6 billion drams, which in terms of reimbursement slipped from 3rd to 4th position - 5.8 billion drams, worsening the dynamics of premiums from impressive growth to decline, while reversing the dynamics of reimbursement from decline to growth. IC "LIGA Insurance" maintained its 4th position in terms of premiums - 9.5 billion drams (with dynamics approaching growth), which in terms of reimbursement dropped from 2nd to 5th position - 5.2 billion drams (with a sharp slowdown in the decline). IC "Sil Insurance" moved up from 6th to 5th position in terms of premiums - 8.6 billion drams (with accelerating growth), which jumped from 7th to 2nd place in terms of claims - 5.1 billion drams (with a turnaround from decline to growth). REGO Insurance, which ranked 7th in premiums a year ago, moved up to 6th - 7.5 billion drams, while jumping from 6th to the leading 1st place in terms of claims - 5.2 billion drams, with a significant slowdown in year-on-year growth for both indicators. Armenia Insurance, which fell to 7th place in terms of premiums and claims, also dropped from 5th last year. - 7 billion drams and 3.3 billion drams, respectively, with the annual trend reversing from growth to decline.
Of the seven operating insurance companies, three delivered annual premium growth (5.7-17.4%, with Sil Insurance leading the way and Nairi Insurance leading the way). Four insurance companies delivered annual growth in claims (9.2-29.4%, with REGO Insurance leading the way and INGO leading the way). Of the seven insurance companies operating in the Armenian market, four recorded a reduction in premiums (by 9.9-0.8%, with the highest declines at Efes and INGO), while three recorded a reduction in claims (by 30.8-9.5%, with the highest declines at Armenia Insurance and Efes).
ArmInfo analysts consider it appropriate to clarify that the change in LIGA Insurance's position in the Armenian insurance market for 2025 was due to the ongoing transaction to transfer 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, an insurance company that will continue to operate in the Armenian market without changing its name, but will be identified as a member of the GRAWE Group. It is noteworthy that life insurance will now 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 a new format is increasingly contributing to the concealment of important indicators, hindering market analysis. It is worth noting that, unlike the previous reporting format, the new version lacks a unified approach to financial reporting publication, allowing insurance companies to selectively disclose certain balance sheet indicators. This is why ArmInfo IC is requesting important data from insurance companies that is missing in the new format, as it has become difficult for them to analyze the market situation themselves.
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. Only Armenia Insurance is licensed for railway insurance.
Insurance Insurance is licensed for the largest number of classes. INGO and Armenia Insurance are licensed for 16 each, and LIGA Insurance is licensed for 15. Only Efes Insurance is not licensed for compulsory motor third-party liability insurance (OSAGO). (The calculated exchange rate of the dram to the dollar on September 30, 2026 was 362.83 drams/$1).
