Investor Presentaiton
Private large
portfolio companies
EXTERNALLY VALUED
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 1Q21 (GROSS PREMIUMS WRITTEN)
(GEL MILLION)
18%
VIG
21%
26%
GEORGIA
CAPITAL
MARKET & ALDAGI GROSS PREMIUMS WRITTEN¹
228
202
195
36%
370
380
308
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
net written premiums have grown by 104% y-o-y in 2Q21
(from GEL 0.34 million to GEL 0.70 million) and by 120% y-o-y
in 1H21 (from GEL 0.64 million to GEL 1.41 million)
Digitalisation.
Undisputed leader in providing insurance solutions to
corporate clients.
4%
5%
%9
Other
Ardi Imedi L Irao
7%
New
Vision
Source: Insurance State Supervision Service of Georgia
13%
38%
39% 29%
28%
29%
87
99
110
90
105
26%
22%
70
77
88
19
26
GPIH
TBC Aldagi
Insurance
2015
2016
2017
2018
2019
2020
1Q 20
1Q 21
Market
Aldagi
Market Share
INSURANCE PENETRATION & DENSITY
Georgia P&C
Penetration 0.8%
Density $34
Source: Insurance State Supervision Service of Georgia
MARKET PL & COMBINED RATIO | 1Q21
Total Market Profit*
GEL 11.8 m
11.1%
8.4%
8.6%
7,224
6.8%
6.1%
5.0%
OWNERSHIP
4,523
P&C Insurance is 100% owned through Aldagi.
3,317
3,108
2.6%
2,719
1,429
UK
Switzerland
France
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.
Belgium
Germany
Slovenia
Insurance Density USD
Poland
Bulgaria
Turkey
Russia
Insurance Penetration
Georgia
4.2
101%
111%
100%
90%
95%
55%
2.1
Market CR 93%
84%
2.4%
2.2
1.2
1.5% 1.4% 1.4%
1.2
-2%
0.4
409 239
128 146
58
0.6
(0.1)
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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