OPEX Ratio Alignment & Portfolio Valuation Overview
Private large
portfolio companies
EXTERNALLY VALUED
ins
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.
MARKET SHARE 1Q22 (GROSS PREMIUMS WRITTEN)
VIG³
GEORGIA
CAPITAL
MARKET & ALDAGI GROSS PREMIUMS WRITTEN¹
(GEL MILLION)
442
370
380
308
21%
24%
20%
13%
VALUE CREATION POTENTIAL
•
Compulsory border MTPL effective from 1 March 2018.
4%
5%
5%
%8
• 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 37% y-o-y in 2Q22 (from GEL
0.61 million to GEL 0.83 million) and by 45% y-o-y in 1H22
(from GEL 1.1 million to GEL 1.5 million).
Digitalisation.
Undisputed leader in providing insurance solutions to
corporate clients.
Other
New
Vision
PSP
Irao
Unison GPIH
TBC Aldagi
Insurance
Source: Insurance State Supervision Service of Georgia
INSURANCE PENETRATION & DENSITY
Source: Insurance State Supervision Service of Georgia
MARKET PL & COMBINED RATIO | 1Q22
Georgia P&C
Penetration 0.8%
Density $38
Total Market Profit*
*
GEL 6.4 m
228
202
195
29%
28%
29%
29%
99
36%
38% 39%
112
127
110
26%
90
105
20%
70
77
88
26
23
2015
2016
2017
2018
2019
Market
2020
Aldagi
2021
1Q21 1Q22
OWNERSHIP
P&C Insurance is 100% owned through Aldagi.
Georgia Capital PLC | 1. Calculated in line with the market approach.
UK
France
Switzerland
Insurance Density USD
Belgium
Germany
Note: Penetration and density are stated including
healthcare insurance (as of latest available data).
Source: Swiss Re Institute
11.1%
9.5%
6,610
7.1%
5,273
6.5%
5.8%
4,140
5.0%
4.0
3,313
3,032
2.5% 2.4%
1,047
451 280
Slovenia
Poland
Bulgaria
Turkey
Russia
Insurance Penetration
Georgia
119%
102%
97%
100%
96%
106%
82%
70%
1.3% 1.3% 1.3%
2.6
124 160
64
0.5
0.3
0.2
0.7
Market CR 99%
(1.1)
(0.9)
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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