Georgia Capital PLC Financial and Operational Report
INSURANCE BUSINESS
OPERATING PERFORMANCE OVERVIEW
INSURANCE REVENUE
INSURANCE
KEY DRIVERS
P&C Insurance
126
+21.0%
152
67
NET INCOME DEVELOPMENT
GEORGIA
CAPITAL
+2.8%
18
17
◉
The increase in insurance revenue is mainly
driven by the growth in the motor, credit life and
agricultural insurance lines.
The combined ratio was up by 22.8ppts y-o-y in
3Q23, mostly reflecting:
○
○
о
Increased property insurance claims, resulting
from an unprecedented landslide in one of the
regions of Georgia;
Increased Agro insurance claims due to
abnormal number of hailstorms during the
quarter; and
A 3.9 ppts y-o-y increase in FX ratio, reflecting
the impact of FX movements on the business
operations.
Medical Insurance
" The increase in insurance revenue is attributable
to increase in the total number of insured clients,
mainly in the corporate client segment and
increase in price of insurance policies.
GEL MILLION
44
17
72
27
+22.0%
54
44
21
54
21
33
72
22
86
9
7
6
-46.8%
4
16
13
2
3Q22
3Q23
9M22
9M23
3Q22
3Q23
9M22
9M23
P&C
Medical
- Total
■ P&C
■Medical
-
- Total
KEY OPERATING HIGHLIGHTS
Medical Insurance
3Q22
VS.
- 3Q23
Gross premium written (MGEL)
Combined ratio
Number of individuals insured
14.6
101.0%
159,960
15.5
94.6%
170,512
Change y-o-y
+6.4%
-6.4ppts
+6.6%
63.2
101.1%
159,960
P&C Insurance
Gross premium written (MGEL)
Combined ratio
Number of policies written
38.2
76.7%
66,455
50.1
99.5%
87,146
+31.3%
+22.8ppts
+31.1%
105.0
79.6%
189,192
9M22
VS.
■ 9M23
Change y-o-y
75.8 +20.1%
95.5% -5.6ppts
170,512 +6.6%
129.7 +23.5%
89.7% +10.1ppts
242,194 +28.0%
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