OPEX Ratio Alignment & Portfolio Valuation Overview
INSURANCE BUSINESS
OPERATING PERFORMANCE OVERVIEW
EARNED PREMIUMS NET
69
69
+17.7%
+9.1%
81
75
35
55
35
35
NET INCOME DEVELOPMENT
-30.8%
GEORGIA
CAPITAL
-15.5%
-6.5%
10.8
+9.0%
9.7
9.1
6.8
2.6
1.4
46
0.2
4.7
39
35
2.0
4.3
24
(0.2)
21
0.2
4.9
4.2
4.9
8.2
8.3
8.9
2Q20
2Q21
2Q22
1H20
1H21
1H22
2Q20
P&C
Medical - Total
■ P&C
2Q21
■Medical
2Q22
1H20
1H21
1H22
- Total
■
"
"
INSURANCE
KEY DRIVERS
P&C Insurance
Increase in earned premiums net in 2022
and 1H22 is driven by the growth in the
credit life and agricultural insurance lines.
The combined ratio decreased by 0.6 and
1.1 ppts y-o-y in 2022 and 1H22,
respectively, reflecting robust revenue
growth and reduction in COVID-19-related
credit life insurance claims.
The business paid GEL 7.5 million dividends
in 1H22.
Medical Insurance
The performance in 2022 and 1H22 reflects
c.5% increase in the price of insurance
policies and related decrease in the number
of insured clients.
GEL MILLION
+25.6%
39
+9.3%
22
42
34
18
18
16
17
21
KEY OPERATING HIGHLIGHTS
Medical Insurance
2Q21
VS.
■ 2Q22
Combined ratio
Number of individuals insured
101.9%
167,967
Change y-o-y
106.7% +4.8ppts
159,766 -4.9%
1H21
VS.
■1H22
Change y-o-y
99.0%
167,967
103.8% +4.8ppts
159,766 -4.9%
P&C Insurance
Combined ratio
80.2%
Number of policies written
51,570
79.6% -0.6ppts
64,629 +25.3%
82.0%
119,735
80.9% -1.1ppts
122,737
+2.5%
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