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GPI Holding Announces Another Increase of Share Capital by GEL 4.5 Mln

During the last two years share capital increase was implemented twice – in total the capital was increased by GEL20mlnand and now amounts to GEL32mln

March 30, Tbilisi , Georgia: According to the decision made at the GPI Holdings shareholder meeting held on March 13, 2019 the share capital of the company was increased by GEL 4.5mln. From 2017 capital increase was implemented twice – in total by GEL20mln and at present it amounts to GEL 32 029 431.

Paata Lomadze, Director General of GPI Holding: “Decision of the share capital increase is yet another demonstration of our shareholders and VIG’s (Vienna Insurance Group) commitment to the local market and GPI Holding and are willing to support us in maintaining and even strengthening our position as of the leader in the market. This move is important for not only GPI Holding, but for the investment climate of the country as a whole. We and our shareholders believe that imminent reforms will be implemented in a manner that will guarantee stability and efficiency of the insurance market.”

Peter Thirring, Head of Supervisory Board of GPI Holding, Member of the Board of Vienna Insurance Group: “We acknowledge that we are in this region and in Georgia to stay and support our companies to develop. We have long term plans and are ready to invest in the development of the Georgian insurance market. Mature insurance market is absolutely vital for the economy of the country and we are here to share our expertise and knowledge.”

Shareholders Meeting approved the audited annual results of 2018. For the last decade financial results of the company has been audited by the top five audit company KMPG Georgia . According the results,  GPI Holding’s increase is stable with written premium increase of 6% and the profit before taxes of GEL 5.2mln – one of the highest in the market. Claims paid in 2018 amount to GEL78mln. Audited results are available on GPI  Holding’s website: https://www.gpih.ge/gpih/about/cliuriangarishebi.php

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 the first three quarters of 2018 VIG’s gross written premium was EUR7.4 BLN , while the result before taxes – EUR 352ML.