Nairi Insurance’s Board welcomes internationally renowned member

The Board of Nairi Insurance, a leader in Armenia’s insurance market, has welcomed a member with extensive international experience. 

Rustam Azimov, General Director of Uzbekistan’s largest insurance company, Uzbekinvest, has joined the Board. The Central Bank of Armenia officially approved Rustam Azimov’s appointment as a member of the Company’s Board in April 2026. He recently visited Armenia to meet with the Nairi Insurance team and discuss the Company’s development vision with its management on-site. 

Rustam Azimov has decades of experience in the financial, insurance, and management sectors. For many years, he served as the founding Chairman of the Board of Uzbekistan’s National Bank for Foreign Economic Activity and founded and headed Ipak Yuli Bank. For approximately 20 years, Azimov held senior positions in Uzbekistan’s public administration, including serving as Minister of Finance and Economy and Deputy Prime Minister. He holds a doctorate in economics and has authored several books published by leading international publishing houses in multiple languages, including English and French. 

“Drawing on my decades of experience, I see both stability and constant forward momentum – in other words, development – at Nairi Insurance. These two values are fundamental to building trust in a company operating in the financial sector. I believe this is one of the keys to Nairi’s success over the past three decades. I joined the Nairi Insurance Board of Directors with the conviction that I can use my years of experience to strengthen not only the Company but also Armenia’s insurance sector,” said Rustam Azimov. 

Vahagn Khachatryan, Chairman of the Board and shareholder of Nairi Insurance, said that having Rustam Azimov, with his wealth of experience, join the Board is a major achievement and an honor for the Company. 

“Nairi currently holds a leading position in the market, but we have no intention of stopping here. We are looking further ahead, and I am confident that we have much to learn from Mr. Azimov. Having studied the history of Uzbekinvest and how, under Mr. Azimov’s effective management, the company rapidly grew to become the largest not only in the country but also in the Asian market, we are certain that Rustam Azimov will play a pivotal role in the new phase of Nairi’s development,” said Vahagn Khachatryan. 

Mane Martirosyan, Executive Director of Nairi Insurance, emphasized that having an individual with Rustam Azimov’s reputation and experience on the Board entails a great responsibility. 

“Mr. Azimov accepted our proposal after examining the Company’s history and development trajectory. This means that it was not only us who chose Rustam Azimov; he also chose us and placed his trust in Nairi. Naturally, this entails tremendous responsibility – not merely to maintain the pace and momentum of the Company’s development, but to accelerate it and expand our capabilities,” said Mane Martirosyan. 

She is confident that Rustam Azimov, with his experience and international connections, will contribute to Nairi’s development and help strengthen its international reputation. 

Nairi Insurance and Uzbekinvest signed a memorandum of strategic cooperation in 2025. Nairi Insurance is the only insurance company in Armenia to hold a rating from the prestigious Moody’s. This year, its rating was upgraded from B1 to Ba3, with a stable outlook.

Nairi Insurance was the first company in Armenia to introduce a comprehensive Global Health Insurance plan in partnership with AXA Health International, the world’s largest insurance company.