Portfolio Valuation and Ameriabank Acquisition Update
Private large
portfolio companies
EXTERNALLY VALUED
ins
P&C INSURANCE BUSINESS OVERVIEW
INVESTMENT RATIONALE
•
Significantly underpenetrated insurance market in Georgia
(0.7% penetration in property and casualty insurance market).
• Market leader with a powerful distribution network of point
of sale and sales agents.
MARKET SHARE 9M23 (GROSS PREMIUMS WRITTEN)
GEORGIA
CAPITAL
MARKET & ALDAGI GROSS PREMIUMS WRITTEN¹
(GEL MILLION)
VALUE CREATION POTENTIAL
•
Compulsory border MTPL effective from 1 March 2018.
• 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 gross revenues have grown by 55% y-o-y in 4Q23
(from GEL 1 million to GEL 1.5 million) and by 61% y-o-y in
FY23 (from GEL 3.5 million to GEL 5.6 million).
.
⚫ Digitalisation.
Undisputed leader in providing insurance solutions to
corporate clients.
Source: Insurance State Supervision Service of Georgia
INSURANCE PENETRATION & DENSITY
VIG
502
442
18%
22%
30%
370
380
438
384
308
228
0%
4%
5%
%8
11%
202
195
29% 28%
29%
29%
30%
36% 38%
39%
27%
27%
138
70
77
88
90
105
110
127
105
129
Other
Hualing New Vision
Irao
Unison
GPIH TBC Insurance Aldagi
2015
2022 9M22 9M23
2016 2017 2018 2019 2020 2021
Market
Aldagi
Source: Insurance State Supervision Services of Georgia
10.5%
MARKET PL & COMBINED RATIO | 9M23
8.7% 6,364
6.9%
OWNERSHIP
4,781
5.5%
5.9%
3,578
4.7%
P&C Insurance is 100% owned through Aldagi.
2,756 2,881
2.2%
1,396
2.2%
UK
France
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.
Switzerland
I Insurance Density USD
Belgium
Germany
Slovenia
409 281
Poland
Bulgaria
Turkey
Insurance Penetration
Russia
Georgia
1.5%
0.9%
1.3%
154
85
134
Georgia P&C
Penetration 0.7%
Density $49
Total Market Profit
*
GEL 59.0 mln
16.6
99%
13.3
94%
97%
92%
87%
79%
90%
66%
6.3
Market CR
92%
4.4
1.7
1.3
4.0
40
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
55View entire presentation