According to the rating agency’s report, TBC Insurance's ratings continue to reflect the company's high investment risk, and moderate reserving risks and reinsurance use as well as its leading position in the Georgian domestic insurance market, adequate capitalisation, solid financial performance.
The company's investment portfolio remains concentrated in the domestic market through local bank deposits and holdings of bonds of local companies, including a high exposure to related-party investments, the report says.
TBC Insurance is a leading life and non-life Georgian insurer, with an overall market share of 18.8% at end-2025. The non-life business focuses on motor, medical and property, with life insurance concentrated on borrowers through the bancassurance channel, leveraging TBC Bank's client base.
Fitch's assessment of TBC Insurance's business profile reflects the company's strong domestic market position, good business diversification, and moderate risk profile, as well as its smaller operating scale than some regional peers'.
TBC continued to report solid financial performance, with a Fitch-calculated return on average equity of 53% at end-2025 (end-2024: 46%). Financial performance in 2025 was driven by strong underwriting results, with a slightly improved Fitch-calculated combined ratio of 87% at end-2025 (end-2024: 90%).
Fitch believes TBC Insurance's reserves are adequate for the risks underwritten, as reflected in key reserve adequacy metrics.
The net/gross premium ratio was 86% at end-2025, and 87% at end-2024. Premium retention rates are high for motor, accident and health insurance. Credit life insurance is covered by a quota share treaty with a retention rate of 78% by premiums and only 10% by the insured sum at end-2025. TBC Insurance uses treaty reinsurance for agriculture insurance and facultative excess of loss and surplus agreements for other lines. The reinsurance panel comprises mainly foreign reinsurers with 'A' category ratings, the rating agency said.
542 views
