P&C Insurance and Beverages Business Financial Overview
Private late
stage portfolio
P&C insurance business overview
Market share | YTD Sep-19
(earned premium, gross)
ALDAGI
GEORGIA
CAPITAL
Market composition by
product lines
Investment rationale
Significantly underpenetrated P&C insurance market in Georgia (0.6% penetration)
• Market leader with a powerful distribution network of point of sale and sales agents
Value creation potential
Compulsory border TPL effective from 1 March 2018
• Local TPL expected to kick in and provide access to untapped retail CASCO insurance market with
only 4% existing penetration
• Increasing footprint in untapped MSME sector, where Aldagi's revenues have grown by 93% in 2019
(from GEL 0.7mln to GEL 1.3mln)
.
Developing and introducing new digital channels to simplify purchase of insurance products
Undisputed leader in providing insurance solutions to corporate clients
Insurance penetration & density
17%
VIG
20%
12%
8%
5%
5%
3%
29%
Property,
25%
Other, 9%
Motor,
42%
Liability,
12%
Credit
Life, 13%
Source: Internal data
Market PL & Combined Ratio | YTD Sep-19
Other IC Group Ardi
TBC Unison
Insurance
Source: Insurance State Supervision Service of Georgia
Irao
GPIH Aldagi
Market & Aldagi Revenue (GEL millions)
Georgia P&C
Penetration 0.6%
Density $25
YTD Sep-19:
CAGR 2010-2018
Market revenue GEL 254mln
Aldagi share 29%,
Market - 13%
Aldagi - 15%
9.6%
8.5% 9.0%
6,811
3,810
3,446
UK
Switzerland
France
Belgium
Source: Swiss Re Institute
(1) Including healthcare insurance.
Germany
Slovenia
Poland
6.1% 6.0%
Total Market Profit
GEL 28.7 mln
286
12.8*
4.9%
3.0%
2.2%
227
1.4% 1.4%
202
1.2%
179
2,655 2,687
1,184
142
421
106
115
122
117%
10.7
98%
100%
104%
86%
82%
175 149 152
100
Bulgaria
Turkey
Russia
46
80%
Georgia
27%
32%
37%
38%
37%
Market CR 992%
37%
35% 38%
6.0
2.0
32%
0.7
29
32
42
46
52
67
71
0.0
86
90
(1.7) (2.0)
I Insurance Density USD 1
Insurance penetration
2010 2011 2012 2013 2014
Aldagi
2015 2016 2017
2018
TBC Unison
Insurance*
Ardi
Irao
Alfa
fa GPIH
Other
Market PL
Market
Combined ratio
Aldagi
-Market share
Source: Insurance State Supervision Service of Georgia
*Aldagi and TBC Insurance net profits and combined ratios are based on IFRS amounts.
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