25.Nov .2019 14:48

Insurance Companies' Net Profit Decreased in 3 Quarters - Rating of the Companies

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The net profits of insurance companies have declined. Namely, insurance companies operating in Georgia received a net profit of 33.77 million in the first nine months of 2019, which is 0.89 million less comparing to the same period of the last year (34.6 million GEL).

In contrast to the net profit, the volume of premiums attracted by companies has increased up to 481.85 million GEL compared to 417.1 million GEL of the last year.

The volume of assets of the industry also increased during the reporting period and amounted to 835.95 million GEL as of September 30, which is 123.62 million GEL higher comparing to the same period of the previous year.

As for the companies' total capital, it amounts to 245.09 million GEL, which is 45.05 million GEL higher comparing to the previous year.

According to the Insurance Supervision Service, GPI attracted the largest volume of premiums in the first nine months of the year, amounting to 81.8 million GEL, but the figure is decreased by 6.04 million GEL comparing to the same period of the last year. Aldagi ranks as the 2nd by the volume of attracted premiums, amounting to 77.70 million GEL, however the figure is increased by 15.55 million GEL; Imedi L is on the third position with 70.65 million GEL, which is 19.34 million higher GEL comparing to the previous year.

According to the attracted premiums, TBC Insurance is on the fourth position with 59.34 million GEL, the growth amounts to 14.79 million GEL. Ardi is closing the Top-5 by 42.25 million GEL, the increase is up 10.76 million GEL from the previous year.

As for loss reimbursement, Unison paid 196.30 million GEL, followed by GPI with 52.95 million GEL and Imedi L - 41.36 GEL.

To note: there are 17 insurance companies registered in Georgia (as of September 30, 2019); 16 of them have life and non-life insurance licenses, and one holds only non-life insurance license.