Home / Business / Insurance Sector Finished 1H16 by 12.4 million GEL Profits
Insurance

Insurance Sector Finished 1H16 by 12.4 million GEL Profits

The Georgian insurance industry has ended the first half of 2016 by 12.4 million GEL profits, as compared to 2.26 million GEL losses in the same period of 2015. At the same time, the Georgian insurance sector finished the year of 2015 by 2.6 million GEL profits.

In the reporting period the Georgian insurance market registered 14 insurance companies. The insurance business earned about 37.5 million GEL net profits from nonlife insurance products and 5.7 million GEL from life insurance segment. Total profits from insurance products made up 43.1 million GEL. Pensions segment brought losses of more than 21 150 GEL.

Revenues of the market participant companies made up 8.5 million GEL from investments. The insurance sector paid 2.8 million GEL profits tax.

In the first half of 2016 the sector’s assets rose to 578.25 million GEL and liabilities totaled 460.2 million GEL.