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Insurance Sector Ends First Quarter in Profits

The Georgian insurance sector finished the first quarter of 2016 in 4.4 million GEL profits, while the sector’s losses in the same period of 2015 marked 3.3 million GEL. At the same time, the insurance sector ended the previous year in 2.6 million GEL profits.

In the reporting period, the Georgian insurance sector recorded 14 insurance companies that earned nearly 17.4 million GEL net profits from non-life insurance business and 19.7 million GEL from life insurance business. In whole, profits from insurance business marked 36 million GEL. Pensions direction recorded 10 million GEL losses.

Revenues from investments marked 1.5 million GEL. The insurance industry paid 1.1 million GEL profits tax.

The sector’s assets rose to 538.7 million GEL (524 million GEL in the first quarter of 2015). Liabilities marked 424.7 million GEL (430 million GEL in the first quarter of 2015).