Aldagi recorded gross insurance profit of GEL 6.9mln in 1Q18 (largely flat y-o-y and up 8.7% q-o-q). The strong q-o-q performance was mainly attributable to its organic growth primarily in the credit life insurance business line, as well as improved quality of the motor insurance portfolio, which benefited from the termination of relationships with loss making motor insurance clients.
Aldagi, which is a leading player in the local P&C insurance market with a market share of 37.8% based on gross premiums earned in 2017. The company offers a wide range of insurance products in Georgia to corporate and retail clients, covering more than 57,000 customers through five business lines: motor, property, credit life, liability and other insurance services. Aldagi’s insurance products are offered through its offices in Tbilisi and large cities across Georgia, a network of insurance agents, partner local banks and non–financial institutions (such as major car dealerships), insurance brokers and online portals.
