Net profit of Georgian insurance companies down

Finance Materials 8 June 2021 15:06 (UTC +04:00)
Net profit of Georgian insurance companies down

BAKU, Azerbaijan, June 8

By Tamilla Mammadova – Trend:

The Georgian insurance industry net premium written totaled 233.2 million lari ($75.9 million) as of March 31, 2021, Trend reports via Insurance State Supervision Service of Georgia (ISSSG).

In the same period, the insurance sector’s profit amounted to 41 million lari ($13.3 million), and the net profit amounted to 13.5 million lari ($4.3 million) that is almost 19 percent less than in the same period of last year. It’s worth mentioning that the net profit of the insurance market in the first three months of 2019 stood at 16.6 million lari ($5.4 million).

The total assets of the insurance companies amounted to 1.01 billion lari ($329 million), while the capital amounted to 289.1 million lari ($94.1 million). It’s worth mentioning that as of March 31, 2020, the assets of the companies amounted to 942.4 million lari ($307.05 million), while the capital amounted to 266.9 million lari ($86.9 million).

Some 17 percent of Georgia’s population has private medical insurance, and only 6 percent of vehicles registered in Georgia are insured. In 3 months of 2021, 626,876 health insurance policies were in effect, 95,067 auto insurance, policies were sold.

In the first 3 months of 2021, the largest loss was reimbursed by GPI (23.42 million lari or $7.6 million), followed by Aldagi (11.89 million lari or $3.8 million), TBC (10.90 million lari or $3.5 million). The fourth place was taken by "Imedi L" (10.74 million lari or $3.4 million), and at the bottom of the list is "Ardi" with 9.26 million lari ($3.01 million).

GPI Holding leads with 36.36 million lari ($11.8 million) and holds 29 percent of the market, followed by Imedi L Insurance with 33.36 million lari ($10.8 million) and Ardi Insurance Company with 12.84 million lari ($4.1 million).

"Aldagia" leads with 8.51 million lari ($2.7 million) in premiums attracted in the land vehicle insurance holding 21 percent of the total share. TBC is in second place with 8.09 million lari ($2.6 million), and New Vision is third with 6.74 million lari ($2.1 million).

The property insurance premium volume amounted to 17.4 million lari ($5.6 million). The leader is "Aldagi" with 6.38 million lari ($2.07 million) and accounts for 37 percent of the premiums. GPI is in second place with 3.33 million lari ($1.08 million), the third is "TBC" with 3.14 million lari ($1.02 million).

The life insurance premium volumes amounted to 17.4 million lari ($5.6 million)​. TBC is the leader with 7.80 million lari ($2.5 million) and occupied 45 percent of the market. Aldagi is in the second position with 4.02 million lari ($1.3 million). Imedi L is the third with 3.43 million lari ($1.1 million).

The civil liability insurance premium volumes amounted to 4.9 million lari ($1.5 million). Aldagi holds the largest market share - 1.7 million lari ($553,904) and 35 percent of the total market, followed by GPI Holding with 1.29 million lari ($420,315). TBC is in the third position with 430,000 lari ($140,105).

As of March 31, 2021, 18 insurance companies are operating in the insurance market that holds life and non-life insurance licenses.


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