Investor Presentaiton
Private large
portfolio companies
EXTERNALLY VALUED
P&C INSURANCE BUSINESS OVERVIEW
INVESTMENT RATIONALE
Significantly underpenetrated insurance market in Georgia
(0.8% penetration in property and casualty insurance market).
• Market leader with a powerful distribution network of point of
sale and sales agents.
VALUE CREATION POTENTIAL
•
Compulsory border MTPL effective from 1 March 2018.
17%
MARKET SHARE 1H21 (GROSS PREMIUMS WRITTEN)
(GEL MILLION)
4%
5%
5%
10%
VIG
11%
18%
30%
GEORGIA
CAPITAL
MARKET & ALDAGI GROSS PREMIUMS WRITTEN¹
228
202
195
36%
370
380
308
• Local MTPL expected to kick in and provide access to untapped
retail CASCO insurance market with only 5% existing
penetration.
Increasing footprint in untapped MSME sector, where Aldagi's
net revenues have grown by 80% y-o-y in 3Q21 (from GEL 0.36
million to GEL 0.64 million) and by 73% y-o-y in 9M21 (from
GEL 0.95 million to GEL 1.65 million).
.
Digitalisation.
Undisputed leader in providing insurance solutions to
corporate clients.
Other
Ardi
New
Irao
Unison
GPIH
Vision
TBC Aldagi
Insurance
2015
2016
2017
2018
Market
2019
2020
1H 20
1H 21
Aldagi
Source: Insurance State Supervision Service of Georgia
INSURANCE PENETRATION & DENSITY
Georgia P&C
Penetration 0.8%
Density $34
Source: Insurance State Supervision Service of Georgia
MARKET PL & COMBINED RATIO | 1H21
Total Market Profit*
GEL 14.6 m
*
11.1%
8.4%
8.6%
7,224
OWNERSHIP
6.8%
6.1%
P&C Insurance is 100% owned through Aldagi.
4,523
5.0%
3,317
3,108
2,719
Note: Penetration and density are stated including
healthcare insurance (as of latest available data).
Source: Swiss Re Institute
Georgia Capital PLC | 1. Calculated in line with the market approach.
UK
Switzerland
France
1,429
Belgium
Germany
Slovenia
Insurance Density USD
Poland
Bulgaria
Turkey
Russia
Insurance Penetration
Georgia
2.6%
2.4%
1.5% 1.4% 1.4%
82%
5.0
409 239
128 146
58
38%
39% 29%
28%
29%
110
29%
30%
90
105
70
77
88
72
55
8.3
120%
107%
103%
98%
96%
89%
83%
Market CR 97%
1.6
1.8
0.3
(1.4)
0.6
Aldagi
TBC
GPIH
(1.7)
Imedi_L
Unisoni Kamara
PSP
Other
* Market data is based on net profits reported to regulatory body and does not represent IFRS
amounts, except for Aldagi and TBC
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