Georgia Capital Financial Highlights
Private late
stage portfolio
P&C insurance business overview (cont'd)
Key highlights | 31 December 2019
ALDAGI
Financial metrics (GEL millions)
GEORGIA
CAPITAL
GEL millions, unless otherwise noted
31-Dec-19
31-Dec-18
Change
2015
2016
2017
2018
2019
Change
Earned premiums, net
47
50
63
67
75
11.6%
LTM net income
Multiple applied4
Equity FV
LTM ROAE
Valuation peer group
18
182
3.3%
Net income
121
14
16
182
18
3.3%
9.0
7.4
22.3%
Combined ratio
79%
73%
75%
75%
82%
6.6ppts
Loss ratio
43%
35%
40%
38%
42%
3.4ppts
165
131
26.4%
Expense ratio
36%
38%
35%
37%
41% 3.3ppts
30.4%
34.4%²
-4.0ppts
Solvency ratio
N/A
160%
180%
136%
119%
-17ppts
Selected operating metrics
Company
Country
Dhipaya Insurance
Thailand
Ticker
TIP
Stock Exchange
Thailand
Zavarovalnica Triglav
Slovenia
ZVTG
Ljubljana
Pozavarovalnica Sava
Slovenia
POSR
Ljubljana
Aksigorta
Turkey
AKGRT
Istanbul
Anadolu Sigorta
Turkey
ANSGR
Istanbul
2018
2019
change (y-o-y)
Corporate insurance policies written³
Retail insurance policies written
60,227
91,361
51.7%
150,246
171,509
14.2%
Performance track record
Earned premium, gross
FY19 Earned premium, gross composition:
Segment: Corporate 47%, Retail 42%, Compulsory lines 7%, Government 4%
Product: Motor 36%, Property 25%, Credit life 13% Liability 11%, Other 15%
CAGR 14%
2019 highlights
(GEL millions)
Profit & Dividend payout ratio
(GEL millions)
Retail segment growth
(premiums earned)
16%
ROAE 28%
37%
37%
38%
34%2
30%
48%
Retail Segment Concentration in portfolio
CAGR 21%
(+3 ppt y-o-y)
182
18
16
14
Retail profit growth
12%
11
68%
7
61%
29%
86
90
98
51%
Market Share
68
71
(-3 ppt y-o-y)
51
64%
Corporate
84%
2014
2015
2016
2017
2018
2019
2014
2015
2016
2017
2018
2019
Renewal Ratio
Profit
Dividend payout ratio
Retail
64%
(1) Excluding impact of one-off FX contract with GEL 8 million loss.
(2) Adjusted for non-recurring items.
(3) Excluding credit life insurance.
(4) Multiples improved significantly across all peer group companies
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