GPI Holding publishes 2018 audited results

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GPI Holding publishes 2018 audited results

Claims paid : GEL79 mln
Written Premium increased by 5%
Retails health portfolio increased by 19%
Share capital increased and now amounts to GEL32mln
April 1, Tbilisi, Georgia: Insurance company GPI Holding’s Shareholders General Meeting approved the financial statement of 2018 results. According to the results, the company demonstrates stable growth: total written premium was GEL103 mln; Claims reimbursed in 2018 totaled GEL78 mln: GEL53mln in health, GEL10 mln in property and GEL8mln in casco insurance lines. Profit result – GEL5.2 mln. Retail Health insurance portfolio increased by 19%, while corporate lines showed 6% increase.

The audited financial result is prepared by KPMG Georgia – one of the big four companies. The results can be seen at: WWW.GPIH.GE

Paata Lomadze, General Director of GPI Holding: “We are satisfied with the financial results of 2018 as it demonstrates the stable growth across all directions of our activity. Furthermore, GPI Holding maintains leader’s position in the market. Our strategy is now aimed at the anticipated reforms in the market, namely statutory motor TPL law. We as industry leaders are actively involved in the parliamentary discussion and with other stakeholders in order to refine the proposed law so that it benefits the citizens of our country and at the same time boosts the growth of insurance market.”
General Meeting of GPI Holding held on March 13 also took a decision to increase share capital by GEL 4.5 mln. Through 2017 the share capital increase was implemented four times and in total it increased by GEL20mln and now amounts to GEL 32 029 431.

GPI Holding is the leading insurance company in Georgia, with the largest market share of 21%, according to 2018 data of first three quarters of Insurance State Supervisory Service of Georgia. The company is one of the leaders among Georgian companies in corporate as well as retail insurance lines. At the same period amount of total claims paid made GEL 55mln.

Vienna Insurance Group is the leading insurance company in Central and Eastern Europe with 50 companies in 25 countries. In 2018 VIG’s gross written premium was EUR9.7 BLN , while the result before taxes – EUR 485MLN.