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GPI Holding Publishes an Audit Report of 2018

GPI Holding published an Audit Report of 2018.

  • Company compensated 79 million GEL in 2018;
  • increased attracted bonuses by 6%;
  • The retail portfolio of health insurance increased by 19%;
  • The company’s capital is 32 million GEL.

April 1, Georgia, Tbilisi: Insurance Company “GPI Holding” continues steady growth. According to the Audit Report of 2018, the company attracted more than $ 103 million. The number of attracted bonuses increases steadily in different directions. The health insurance portfolio increased by 19% and the corporate sector is 6%.

Compensation for the insured by GPI exceeds 78 million lari. The company insured 53 million lari in health insurance, more than 10 million lari with property insurance and more than 8 million lari for auto insurance holders. The profit of “GPI Holding” in 2018 was GEL 5.2 million.

According to the data of 2018 up to 7 thousand companies are entitled “GPI Holding” to insure their own risks.

The audit report is prepared by KPMG GEORGIA, an international auditor company of the big four audit companies, which has been conducting the audit of GPI Holding since years. This is another indicator of the high standard in the company.

Paata Lomadze, General Director of GPI Holding: This once again confirms that we have stable growth in all directions and maintaining the leadership positions in the insurance market. We are actively preparing the vehicles’ obligatory civilian responsibility for the enactment of the law. It is a big risk that, together with the enactment of this law, appearing dishonest investors emerged in the market. For dynamic development of the market, it is important for a strong investor to manage the long-term commitment. We are well aware that the immediate, short-term gain should not be expected from this direction and it will be good for all players to understand it. “

GPI Holding shareholders meeting, held on March 13 at “GPI Holding” head office, reviewed and confirmed the audited results of 2018. In addition, shareholders have decided to increase capital by 4.5 million GEL. Since 2017, the shareholders’ decision to increase the company’s capital four times, totaling GEL 20 million and now it is 32 029 431 GEL.

“GPI Holding” is the leading insurance company in the market, which, according to the data of the first three quarters of 2018, holds the largest share of the market – 21% and is the leader in both the corporate and retail sectors. 530 people employed in GPI Holding are working in 6 branches of Georgia and serving 150,000 insured people across the country.

“Vienna Insurance Group” is one of the largest investors in the Georgian insurance market and is the leader in Central and Eastern Europe. The group operates in 25 European companies in 50 companies. According to the data of 2018, the group attracted 9.7 billion euros, while net profit is 485 million euros.

You can view the audited results on the website: www.gpih.ge