Georgia Capital Shareholder and Market Opportunity Overview
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.
16%
MARKET SHARE FY20 (GROSS PREMIUMS WRITTEN)
(GEL MILLION)
4%
5%
6%
%L
VIG³
13%
20%
29%
GEORGIA
CAPITAL
MARKET & ALDAGI GROSS PREMIUMS WRITTEN¹
370
380
308
228
202
195
36%
38%
39%
29%
28%
29%
110
90
105
70
77
88
• 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 written premiums have grown by 139% in 1Q21 (from GEL
0.3 million to GEL 0.7 million).
Digitalisation.
Undisputed leader in providing insurance solutions to
corporate clients.
Other
IC Group
Ardi
Irao
Unison GPIH
TBC Aldagi
Insurance
Source: Insurance State Supervision Service of Georgia
INSURANCE PENETRATION & DENSITY
2015
2016
Market
2017
2018
Aldagi
2019
Market Share
2020
Source: Insurance State Supervision Service of Georgia
MARKET PL & COMBINED RATIO | FY20
Georgia P&C
Penetration 0.8%
Density $36
Total Market Profit *
GEL 47.5 m
*
17.0
10.3%
8.4% 9.2%
OWNERSHIP
6,835
6.0%
6.3%
•
P&C Insurance is 100% owned through Aldagi.
5.1%
4,362
3,719
2,750 2,934
1,354
UK
Georgia Capital PLC | 1. Calculated in line with the market approach.
Insurance Density USD1
(1) Penetration and density are stated including
healthcare insurance (as of latest available data).
Switzerland
*
France
Belgium
Germany
Slovenia
Poland
Bulgaria
Turkey
Russia
Insurance Penetration1
Source: Swiss Re Institute
Georgia
2.7% 2.4%
1.5%
1.4% 1.3%
418 236
131 157
60
100%
94%
87%
83%
82%
11.4
2.1
97%
101%
Market CR 94%
28%
5.0
5.1
3.3
1.9
1.6
Aldagi
TBC
GPIH
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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