GEORGIA: Net profit of the insurance sector increased by 49% y-o-y in 1H2020

25 August 2020 —
In the first half of 2020, total profit of Georgian insurers amounted to GEL 89.5 million (~EUR 26.10 million*), which is 23% more y-o-y. At the same time, net profit of insurance companies exceeded the level of 1H2019 by 49% and reached GEL 29.2 million, Business Georgia reports.

Total assets of the insurance sector at the end of the first half of 2020 amounted to GEL 976.7 million, and total equity - GEL 273.9 million.

In terms of GWP structure, health insurance continues to lead the market portfolio with 45% of all GWP, while 16% comes from transport insurance, another 16% - from property insurance, 7% - life insurance, 5% - civil liability insurance of vehicle owners, 4% - general third party liability and 7% falls on other insurance types.

* for the following exchange rate:
1 EUR = 3.4282 GEL (July 1st, 2020)