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IC Group Sells Hospitals

IC Group insurance company has withdrawn from hospital sector.

According to GBC news agency, IC Group has sold subsidiaries: Alliance Medi+, Medical Park Georgia, Bolnisi District Hospital, Bolnisi Adults District Polyclinics, Diagnostika-2000 and Bolnisi District Urgent Aid Service -03.

The clinics were bought by Alliance Med Service. Total value of all deals is 2.702 million GEL.

IC Group joined hospital sector development project under the ruling of United National Movement. The company reconstructed and constructed hospitals in 7 Districts of Georgia: Oni, Ambrolauri, Mestia, Dmanisi, Tsageri, Khashuri and Bolnisi.

However, later the company released a statement that clinics were not profitable. As a result, in 2014 the Government of Georgia bought off the so-called losing 5 clinics from the company.

It is worth noting that in 2016 net profits of IC Group constituted 531 000 GEL, while assets totaled 32.4 million GEL.

IC Group appeared on the market n 2005. The company provides life and nonlife insurance services, property, aviation, responsibility, personal insurance and other insurance products.

82.54% stake of the company is owned by Tengiz Mezurnishvili and 17.459% stake is owned by IIC Georgia B.V.