Georgia Capital - Financial Overview and Investment Opportunities
Private late
stage portfolio
P&C insurance business overview
Investment rationale
ALDAGI
GEORGIA
CAPITAL
10.2%
9.2%
• Significantly underpenetrated insurance market in Georgia
8.9%
• Market leader with a powerful distribution network of point of sale
and sales agents
Market opportunity
Georgia P&C
Penetration 0.6%
Density $20
6,934
6.4% 6.1%
4.9%
• Expansion into car service business - opportunity to develop
unique platform with significant synergy potential with expected
annual market revenue of GEL 50 mln and 30-35% expected market
share
4,064
2.8%
3,395
2.1%
2,613 2,548 1,036
351
155
UK
Switzerland France Belgium Germany Slovenia Poland
Insurance Density
1.3% 1.5%
144 135
Bulgaria Turkey Russia
1.2%
40
Georgia
Insurance penetration
Value creation potential
•Compulsory border TPL effective from 1 March 2018
• Local TPL expected to kick in from 2020 and provide potential to
access untapped retail casco insurance market with only 4%
existing penetration
• First mover advantage on underpenetrated SME segment
Growing dividend payout capacity
Dividends distribution 2016-2022E (GEL m)
22
18
15
12
7
10
7
Value realisation outlook - Trade sale or IPO
2016A
2017A
2018A
2019E
2020E
2021E
2022E
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