Portfolio and Acquisitions Summary 2019
P&C insurance business financial highlights
Income statement
Statement of cash flow
GEL thousands, unless otherwise noted
Gross premiums written
FY19
FY18
Change GEL thousands, unless otherwise noted
FY19
GEORGIA
CAPITAL
Balance sheet
FY18 Change GEL thousands, unless otherwise noted Dec-19 Dec-18 change
Earned premiums, gross
Earned premiums, net
Insurance claims expenses, gross
101,875 90,598
98,350 90,404
75,339 67,488
(88,632) (28,517)
12.4%
8.8%
11.6%
NMF
Insurance premium received
Reinsurance premium paid
Insurance benefits and claims paid
Reinsurance claims received
Insurance claims expenses, net
(31,310) (25,748)
21.6%
Acquisition costs paid
Acquisition costs, net
(12,212) (9,520)
28.3%
Salaries and benefits paid
Net underwriting profit
31,817
32,220
-1.3%
Interest received
Investment income
7,640
3,539
NMF
Net other operating exepnses paid
Net fee and commission income
129
Net investment profit
7,769
449
3,988
-71.3%
94.8%
Income tax paid
Net cash flows from operating activities
Salaries and employee benefits
(11,385)
(9,867)
15.4%
Selling, general and administrative expenses
(5,239) (4,044)
29.5%
Depreciation & Amortisation.
(2,174)
(1,023)
NMF
Purchase of property and equipment
Purchase of intangible assets
Loan Issued
Impairment charges
Net other operating income
(478)
932
(1,536)
-68.9%
Operating profit
21,242
848
20,586
9.9%
3.2%
Proceeds from repayment of loan issued
Proceeds from (Placement of) bank deposits
Purchase of available-for-sale assets/ Deposits
1,099
86,969 81,142 7.2%
(12,801) (15,075) -15.1%
(35,597) (32,181) 10.6%
6,072
8,318 -27.0%
(8,865)
(7,224)
22.7%
(11,195) (11,494) -2.6%
2,723
3,018 -9.8%
(4,233) (2,830) 49.6%
(3,552) (2,734) 29.9%
19,521 20,940 -6.8%
(357) (1,023) -65.1% Total assets
(1,615) (1,444) 11.8% Gross technical provisions
(25,946) (22,143) 17.2% Other insurance liabilities
21,206 18,150 16.8% Current income tax liabilities
(7,106) 2,664 NMF Pension benefit obligations
(111) NMF
Cash and cash equivalents
Amounts due from credit institutions
Investment securities
Insurance premiums receivable, net
Ceded share of technical provisions
PPE and intangible assets, net
Goodwill
3,421 11,103 -69.2%
32,574 23,456 38.9%
7,109 4,408 61.3%
36,730 31,442 16.8%
64,706 16,928 NMF
14,448 9,594 50.6%
13,062 13,062
NMF
Deferred acquisition costs
Pension fund assets
Other assets
Other Liabilities
Foreign exchange (loss) / gain
(39)
138
Interest expense
(208)
NMF
NMF
Net cash flows from used in investing activities
Dividend Paid
(12,719)
(3,907)
(12,034)
(10,000)
NMF Total liabilities
20.3% Total equity
Non-recurring expenses
(652)
NMF
Purchase of treasury shares
(927)
Pre-tax profit
20,995
Income tax expense
Net profit
20,072
(2,670) (2,990)
18,325 17,082
4.6%
Cash paid for lease liabilities
(1,469)
NMF Total liabilities and equity
NMF
3,812 3,324
4,868 18,931 -74.3%
19,544 13,462 45.2%
200,274 145,710 37.4%
100,886 45,664 NMF
15,714 16,101 -2.4%
376
588 -36.1%
4,868 18,932 -74.3%
15,819 8,287 90.9%
137,663 89,572 53.7%
62,611 56,138 11.5%
200,274 145,710 37.4%
14.7%
-10.7%
Net cash flows from financing activities
(14,430)
(10,000) 44.3%
7.3%
Effect of exchange rates changes on cash and cash
equivalents
(54)
(115) -53.0%
Total cash inflow/(outflow)
(7,682)
6,918
NMF
Cash and cash equivalents, beginning
11,103
4,185
NMF
Cash and cash equivalents, ending
3,421
11,103 -69.2%
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