At that, these two segments remain the market's pillars, accounting for 45.2% and 19.8% of the market share, respectively, according to the Financial Rating of Armenian Insurance Companies as of June 30, 2026, prepared by ArmInfo.
MTPL GWP growth accelerated thanks to significant tariff hikes implemented since February 2025. Conversely, the accelerated decline in health insurance stems from the market's transition from private (voluntary) health insurance to a state-run universal health insurance system; this shift is altering financial flows and the operational model of insurance companies. With the introduction of mandatory state health insurance in 2026, the commercial segment and voluntary corporate packages are undergoing a transformation.
Meanwhile, growth of MTPL paid claims accelerated from 8.7% to 17.7%, while health insurance paid claims shifted from a 12.3% increase to a 20.7% decline. These two segments also dominate in terms of paid claims, representing 56.6% and 30.1% of the market total, respectively.
Overall, the market GWP and paid claims dynamics during the first half of the year affected profit growth. Specifically, the growth rate of net profit slowed—dropping from doubling to 71.4%—with net profit totaling USD 9.1 million for the six-month period. Armenia Insurance emerged as the leader in net profit (USD 2.1 million, a 2.1-fold y-o-y increase).
Total equity of insurance companies saw its annual growth rate accelerate from 5.5% to 16.2%, reaching USD 90.6 million; this was driven by an increase in accumulated profits and reserves, while total charter capital remained unchanged. By July 2026, accumulated profits stood at USD 33.2 million and reserves at USD 5.8 million, whereas charter capital remained at AMD 18.8 billion (or USD 51.2 million). Charter capital continues to dominate the equity structure, though its share has declined from 65.6% to 56.5%; meanwhile, the share of accumulated profits rose from 31.3% to 36.6%, and that of reserves increased from 3.6% to 6.4%. LIGA Insurance leads in terms of both equity and charter capital.
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