Insurance companies operating in Georgia have published the financial results for 2021. According to report, the insurance market grew by 16% last year and the volume of premiums attracted by companies amounted to GEL 773 million. Despite the increased revenues, 2021 was not very successful for the insurance market in terms of profits. The net profit of the companies amounted to GEL 39.9 million. The annual decline is almost 8 million.
A total of 18 companies are operating in the insurance market, while 67% of the attracted premiums accounts for only 5 companies. Only three of them, Aldagi, TBC Insurance and Imedi L - generated 89% of net profit.
The largest premium portfolio of GEL 140.4 million is held by the insurance company GPI Holding. However, its net profit is insignificant and amounts to only GEL 7,252.
Aldagi, which is in second place by the attracted premiums, holds 46% of the sector's total profit.
Net Profit / Loss Of Insurance Companies According To The Unaudited Report
1. Aldagi - GEL 18.17 million, attracted premiums of GEL 123.2 million;
2. TBC - 13 GEL.41 million, attracted premiums GEL 115.9 million;
3. Imedi L - GEL 4.04 million, attracted premiums GEL 74.1 million;
4. Tao - GEL 3.73 million, attracted premiums GEL 5 million;
5. Unison - GEL 3.14 million, attracted premiums GEL 49.1 million;
6. Cartu - GEL 1.44 million, attracted premiums of GEL 4.9 million;
7. BB Insurance - GEL 1.24 million, attracted premiums of GEL 13.8 million;
8. Georgian Insurance Group - GEL 0.75 million, attracted premiums of GEL 18.7 million;
9. Green Insurance - GEL 0.72 million, attracted premiums of GEL 3.1 million;
10. IRAO - GEL 0.58 million, attracted premiums of GEL 49.3 million;
11. GPI - GEL 0.007 million, attracted premiums of GEL 140.4 million;
12. Alpha - (-0.46 million GEL), attracted premiums of GEL 15.8 million;
13. Global Benefits - (- 0.06 million GEL), attracted premiums of GEL 16.5 million;
14. Ardi - (-0.59 million GEL), attracted premiums of GEL 67.4 million;
15. Prime - (-0.63 million GEL), attracted premiums of GEL 6.3 million;
16. Euroins (-0.68 million GEL), attracted premiums of GEL 22.3 million;
17. PSP Insurance - (-1.96 million GEL), attracted premiums of GEL 25.5 million;
18. New Vision Insurance- (-2.94 million GEL), attracted premiums of GEL 21.4 million.
