Georgia Capital 3Q23 & 9M23 Performance Overview
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.
GEORGIA
CAPITAL
MARKET & ALDAGI GROSS PREMIUMS WRITTEN¹
MARKET SHARE 1H23 (GROSS PREMIUMS WRITTEN)
(GEL MILLION)
VIG
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 71% y-o-y in 3Q23
(from GEL 1 million to GEL 1.7 million) and by 63% y-o-y in
9M23 (from GEL 2.5 million to GEL 4.1 million).
Digitalisation.
.
Undisputed leader in providing insurance solutions to
corporate clients.
OWNERSHIP
P&C Insurance is 100% owned through Aldagi.
18%
3%
5%
5%
%8
11%
21%
29%
Other
Hualing
New
Vision
Irao
Unison
GPIH
TBC
Insurance
Aldagi
Source: Insurance State Supervision Service of Georgia
INSURANCE PENETRATION & DENSITY
Georgia P&C
Penetration 0.7%
Density $49
10.5%
8.7% 6,364
6.9%
5.9%
4,781
5.5%
4.7%
3,578
2,756 2,881
2.2%
2.2%
1,396
1.5%
1.3%
0.9%
409 281
154
134
85
UK
France
Switzerland
I Insurance Density USD
Belgium
Germany
Slovenia
Poland
Bulgaria
Turkey
Insurance Penetration
Russia
Georgia
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.
502
442
370
380
308
292
228
257
195
36% 38%
202
29% 28%
29%
29%
29%
27% 26%
39%
138
110
127
70
77
88
90
105
85
67
1H23
2015 2016 2017 2018 2019 2020 2021 2022 1H22
Aldagi
Market
Source: Insurance State Supervision Services of Georgia
MARKET PL & COMBINED RATIO | 1H23
Total Market Profit
GEL 32.2 mln
*
10.8
9.2
90%
102%
99%
99%
97%
83%
88%
85%
Market CR
94%
4.4
2.3
2.4
2.1
0.5
0.5
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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