ArmInfo. Armenia's insurance sector was a significant increase in its net profit for 2025, nearly quadrupling from the previous year's 71% decline to reach 2.9 billion drams ($7.7 million).
This was the result of tariff increases, leading to a substantial rise in annual premiums from 3.1% to 17.1% (reaching 84.7 billion drams or $222.2 million), while annual indemnity growth slowed from 14.3% to 9.3% (amounting to 48.9 billion drams or $128.3 million).
According to the Financial Rating of Armenian Insurance Companies as of December 31, 2025, prepared by the ArmInfo Investment Company based on published financial reports and additional data requested from insurance companies, Armenia Insurance secured the lead in terms of net profit for 2025 with AMD 784.7 million. REGO Insurance retained its second position with AMD 713.2 million, and LIGA Insurance rose to third with AMD 574.4 million. This pushed Nairi Insurance to fourth place with AMD 559 million. Efes remained in fifth place, with a profit of AMD 409.2 million. Sil Insurance is in sixth place with a profit of AMD 222.6 million. INGO ranked last, coming in seventh place and failing to maintain a profit year-on-year and ending up with a loss of 325.3 million drams.
Out of these insurance companies, two reversed their losses and returned to profit (LIGA Insurance and Sil Insurance). Four others further increased their profits (Armenia Insurance, REGO Insurance, Nairi Insurance, and Efes), while only one insurance company (INGO) slipped from profit to loss. Sil Insurance saw the largest profit growth, with a 9.3-fold increase, moving from loss to profit.
Nairi Insurance secured the top spot in terms of insurance premiums, totaling 14.6 billion drams, moving up to first place in claims, with 8.5 billion drams. The INGO Insurance Company closely followed, ranking second in terms of insurance premiums, with 13.8 billion drams, and also coming second in terms of claims, with 8.1 billion drams. Efes Insurance Company retained third place in terms of insurance premiums, with 13.3 billion drams, while moving up to fourth in terms of claims, with 6.8 billion drams. This shift caused LIGA Insurance, the former leader in both insurance premiums and claims, to fall to fourth and third place, respectively, with 12.6 billion drams and 7.9 billion drams.
Sil Insurance dropped to fifth place in terms of insurance premiums, with 11.1 billion drams, while sliding three spots in terms of claims, landing in seventh place, with 5.5 billion drams. Armenia Insurance dropped to sixth place in premiums with 10.5 billion drams, while holding onto fifth place in claims with 6.5 billion drams. REGO Insurance, which previously ranked last in claims, now ranks sixth with 8.8 billion drams, holds seventh place in premiums. Previously, it also ranked last in claims, but has now fallen to sixth place with 5.6 billion drams.
Out of the seven operating insurance companies, six saw annual premium growth (9-64%, with REGO Insurance leading the way). Four insurance companies saw annual growth in claims (13-90%, with REGO Insurance also leading the way). It's worth noting that a year ago, REGO Insurance didn't show much in the way of annual growth in premiums or claims. As for Efes, which is among the insurance companies that increased both premiums and claims, it has significantly slowed its growth rate for both indicators, from a 4-20-fold increase to 13-46%. Of the seven insurance companies operating in the Armenian market, only one (LIGA Insurance) saw a decline in premiums (18%), while three saw a decline in claims (1-25% - Nairi Insurance, Sil Insurance, and LIGA Insurance).
ArmInfo analysts believe it's appropriate to clarify that the change in LIGA Insurance's position in the Armenian insurance market during the reporting year was due to the ongoing transaction to transfer a controlling stake to European companies. Just recently, on February 3, 2026, this process was completed and approved by the Central Bank of Armenia. As a result, the Austrian financial concern GRAWE Group and C-Quadrat Investment Group 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 GRAWE Group. The shareholders are LIGA GRAWE Group, with a 75% stake, and C-Quadrat Investment Group, with a 25% stake. Significantly, life insurance will now become a strategic growth area for LIGA Insurance 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 under a single license.
The agency's analysts have also pointed out that he transition of insurance companies' financial reporting to the 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, thereby allowing insurance companies to selectively disclose certain balance sheet indicators. Therefore, ArmInfo IC is requesting insurance companies to provide important data missing from the new format, as it has become difficult for them to independently analyze the market situation.
Recall, as of now, 18 out of the 20 existing insurance classes are being used in the Armenian insurance market, excluding insurance for liability related to the use of railway transport and insurance for legal and extra-judicial expenses. Armenia Insurance is the sole provider licensed for railway insurance. INGO and Armenia Insurance hold licenses for the highest number of classes, with 16 each, followed by 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 December 31, 2025, was AMD 381.36/1$)
