CONTENTS / Sinaarsi 3 4 5 6 7 19 24 26 29 generaluri direqtoris mimartva General Director s Message mnisvnelovani TariRebi The Milestones produqtebi Products finansuri macveneblebi Financial Indicators Cveni partniorebi Our Partners ganyofilebebis ruka Map of Branches konsolidirebuli finansuri uwyisebi Consolidated Financial Statements
Annual Report 2009 Zvirfaso megobrebo, 2009 weli rtuli periodi iyo rogorc saqartvelosi moqmedi sadazrvevo kompaniebistvis, aseve zogadad, ekonomikuri bazristvis. am wlis ganmavlobasi ai si jgufs mouwia aqtiurad emusava globaluri sabazro krizisis Tanmdevi problemebis dasazlevad. es iyo weli, romelmac namdvili gamocda mouwyo Hvens organizacias da romelmac daamtkica ai si jgufis sizliere da SesaZlebloba, gaumklavdes sadazrvevo bazris gamowvevebs. miuxedavad arsebuli fonisa, ganvitarebis strategia, romelic miznad davisaxet kompaniis daarsebis dridan, ar Secvlila da misi ganxorcieleba etapobrivad mimdinareobda. gadadgmuli nabijebis sisworeze Hveni finansuri mahveneblebis gaumjobesebac metyvelebs. swori dagegmvisa da gunduri musaobis principis dacvit SevZeliT gagvezarda moziduli premia da sadazrvevo kompaniebs Soris bazris wilis 14% agvetvisebina. 2009 wlis bolo monacemebit ai si jgufis momsaxurebit 400 000 adamiani sargeblobda, rac saqartvelos mosaxleobis TiTqmis 10 %-s Seadgens. siamayit minda ganvacxado, rom miuxedavad misi xanmokle istoriisa, ai si jgufi saqartvelosi moqmed wamyvan sadazrvevo kompaniebsi Sedis. dinamiuri zrdis mahveneblebtan ertad, unda arinisnos anazraurebuli sadazrvevo SemTxvevebis Tanxobrivi moculoba, romelic kompaniam dazrveulta sasargeblod gaswia. cifrebi uprecendentoa sxva wlebtan SedarebiT, anazraurebis jamurma moculobam 21 milion lars gadaawarba. arsanisnavia ai si jgufis strategiuli gadawyvetileba sadazrvevo kompania saxalxo dazrvevis SeZenasTan dakavsirebit. 2009 wlis 5 maiss Hvenma kompaniam saxalxo dazrvevis aqciebis 100%-iani wili SeiZina, xolo kompaniata Serwymis procesi amave wlis 15 seqtembers dasrulda. arnisnulma gaertianebam sasualeba mogvca gagvezarda arsebuli portfeli da klientta baza, rogorc Tbilisis, aseve regionebis WrilSi, mogvezida maralkvalificiuri kadrebi da rac mtavaria, gagvezarda kompaniis samoqmedo areali saqartvelos masstabit. 2009 wlis ganmavlobasi Hveni kompania kvlav ganagrzobda mosaxleobis socialuri samedicino dazrvevis programasi monawileobas. wlis ganmavlobasi dazrveulta raodenobam saqartvelos masstabit 160 000-s gadaawarba. paralelurad mimdinareobda sajaro skolebis pedagogta dazrvevis proeqtic, romlis farglebsi ai si jgufis mier dazrveul iqna Tbilisis da regionebis sasualo skolis 10 000-mde pedagogi. dasasruls, minda mokled mimovixilo Hveni gundis samomavlo gegmebi. momdevno wels didi yuradreba daetmoba sadazrvevo produqtebis ganvitarebas, rac Hven serviss ufro xelmisawvdoms da moqnils gaxdis. aseve, 2009 wlidan daiwyo kompaniis reorganizaciis procesi, romlis warmatebit dasruleba sasualebas miscems ai si jgufs ufro efeqturi momsaxureba SesTavazos sakutar momxmarebels. gegmasi gvaqvs regionaluri gayidvebis wertilebis modernizacia, aseve angarissworebis sistemebis teqnologiurad daxvewa. vfiqrob, arnisnuli cvlilebebi ufro daaxlovebs sadazrvevo kompanias sakutar momxmarebeltan da gaamyarebs grzelvadian urtiertobas. Tengiz mezurnisvili Tengiz mezurnisvili generaluri direqtori 3
wliuri angarisi 2009 Dear friends, The year of 2009 was a complicated period for insurance companies operating in Georgia, as well as for the entire business community of the country. During the year the IC Group had to work hard in order to overcome the difficulties associated with the global financial crisis. This was the year that provided a real test for our organization it demonstrated the strengths of the IC Group and proved our capability to meet the challenges posed by the insurance market. Despite the existing background, we managed to adhere to the company s development strategy, identified at the very founding of the company, and we continued its successful implementation. The improved financial indicators confirmed the correctness of the steps taken. We managed to increase Gross Written Premium and raised our market share to 14 per cent through proper planning and dedicated teamwork. According to the most recent data, the number of our clients reached 400 000 in 2009, being circa 10 per cent of the total population of Georgia. I am proud to declare that despite our short history, the IC Group is among the leaders of the insurance market of Georgia. Along with the indicators of the dynamic growth, the total amount of paid claims is also worth mentioning. This figure reached GEL 21 million in 2009 - the highest value across the previous years. Another strategic milestone for the IC Group was a decision to acquire the Peoples Insurance Company. On May 5, 2009 our company purchased 100% shares of Peoples Insurance and the merger of the companies was completed by September 15, 2009. The merger allowed us to increase the existing portfolio and the number of clients both, in Tbilisi and in the regions; we managed to attract and maintain highly qualified personnel, and most importantly the IC Group increased the service area throughout Georgia. During the year of 2009 our company continued to participate in the state program of social medical insurance. In 2009, the number of insureds exceeded 160 000. Under the Project of insuring Public School teachers, also underway throughout 2009, the IC Group insured up to 10 000 secondary school teachers both, in Tbilisi and in the regions. Finally, I would like to briefly outline the future plans of our team. During the next year the emphasis will be made on the development of insurance products, aiming at increasing availability and flexibility of the services the IC Group has to offer. The successful accomplishment of restructuring of the company, launched in 2009, will also contribute to the increased quality of our services. We plan to upgrade our regional selling points and enhance the technology of the billing systems. I believe, these changes will further increase the customers satisfaction and strengthen our long term relationship. Tengiz Mezurnishvili Tengiz Mezurnishvili Director General 4
Annual Report 2009 mnisvnelovani TariRebi 2005 wlis 10 noemberi SezRuduli pasuxismgeblobis iuridiuli piris statusit daarsda sadazrvevo kompania ai si jgufi. 2006 wlis 10 ianvari ai si jgufma miiro sadazrvevo saqmianobis ganxorcielebis licenzia. 2006 wlis 1 Tebervali kompaniasi dainerga avtomobilis, qonebis da samogzauro dazrvevis produqtebi. 2006 wlis 12 Tebervali Seiqmna finansuri riskebis dazrvevis produqti. 2006 wlis 1 aprili gaformda obligatoruli gadazrvevis xelsekruleba msofliosi ert-ert wamyvan saertasoriso gadamzrvev kompania SCOR-Tan. 2006 wlis 25 aprili gaixsna ai si jgufis Svilobili kompania Sps ai si asistansi, romelmac momxmarebels 24 saatiani satelefono-sainformacio servisi SesTavaza. 2007 wlis 15 Tebervali ai si jgufma miiro sicocxlis dazrvevis licenzia #008/1 2007 wlis 15 Tebervali kompaniam sakutar momxmarebels janmrtelobis dazrvevis produqti SesTavaza. 2007 wlis 20 Tebervali gaformda kompaniistvis pirveli yvelaze msxvili janmrtelobis dazrvevis xelsekruleba saqartvelos erovnul banktan. 2007 wlis 20 Tebervali Seiqmna da gaiyida sicocxlis dazrvevis produqti. 2007 wlis 1 maisi kompaniis satao ofisi arayisvilis quhaze gadavida. 2007 wlis 1 noemberi dainerga sahaero satransporto sasualebata dazrvevis produqti. 2007 wlis 31 dekemberi jamurma mozidulma premiam 4 400 000 lars, xolo dazrveulta jamurma raodenobam 150 000 adamians gadaawarba. 2008 wlis 31 ianvari ai si jgufma daazrvia saqartvelos Tavdacvis saministro sruli SemadgenlobiT. 2008 wlis maisi ai si jgufi HaerTo mosaxleobis socialuri samedicino dazrvevis programasa da sajaro skolebis pedagogta dazrvevis proeqtsi. 2008 wlis 5 ianvari gaixsna pirveli regionaluri warmomadgenloba qalaq qutaissi. 2008 wlis 31 dekemberi ai si jgufma weli 18 milion larze meti moziduli premiit daasrula. 2009 wlis 1 ianvari gaformda valdebulebis Seusruleblobis garantiebis obligatoruli gadazrvevis xelsekruleba msoflios maralreitingul kompaniebtan. 2009 wlis 10 ianvari ai si jgufma gaimarjva meriis mier socialuri programis farglebsi gamartul janmrtelobis dazrvevis tendersi. programit daezrva 7 000 mde beneficiari. 2009 wlis 5 maisi ai si jgufma SeiZina sadazrvevo kompania saxalxo dazrvevis aqciebis 100%-iani wili. 2009 wlis 15 seqtemberi dasrulda sadazrvevo kompania saxalxo dazrvevis Serwymis procesi. 2009 wlis 31 dekemberi dazrveulta jamurma raodenobam 400 000-s miarwia, rac saqartvelos mosaxleobis TiTqmis 10 %-s Seadgens. 5
wliuri angarisi 2009 THE MILESTONES November 10, 2005 The Insurance Company IC Group was founded with the legal status of Limited Liability Company. January 10, 2006 IC Group was licensed as a professional non-life Insurer. February 1, 2006 Motor, property and travel insurance products were put into service. February 12, 2006 Financial risk insurance product was launched. April 1, 2006 Reinsurance treaty was signed with the SCOR one of the world s leading reinsurance companies. April 25, 2006 IC Group subsidiary Company IC Assistance LLC was established to offer 24-hour services to the customers. February 15, 2007 IC Group received a license for life insurance #008/1. February 15, 2007 The Company launched health insurance product. February 20, 2007 The first large corporate health insurance agreement was concluded with the National Bank of Georgia. February 20, 2007 The life insurance product was developed. May 1, 2007 The head office of the Company moved to Arakhishvili street. November 1, 2007 First aviation insurance agreement was signed. December 31, 2007 Gross Written Premium reached GEL 4 400 000 and total number of Insureds exceeded 150 000 people. January 31, 2008 Corporate health insurance agreement was signed with the Ministry of Defense of Georgia. May, 2008 IC Group was involved in the state program of social medical insurance and insurance for the public schools teachers. January 5, 2008 The first regional representative office was opened in Kutaisi. December 31, 2008 IC Group finished the year with the Gross Written Premium of over GEL 18 million. January 1, 2009 Bonds reinsurance treaty was signed with the highly rated world leading reinsurers. January 10, 2009 IC Group won the health insurance tender conducted by the City Hall of Tbilisi within the frames of the Social Program. Up to 7 000 beneficiaries were insured under this Project. May 5, 2009 IC Group purchased 100% share of Peoples Insurance Company. September 15, 2009 The merger with the Peoples Insurance Company was completed. December 31, 2009 Total number of the Insureds reached 400 000 people, almost 10% of the total population of Georgia. 6
produqtebi PRODUCTS
wliuri angarisi 2009 janmrtelobis dazrveva programa SemuSavebulia momxmareblis specifikuri motxovnebis gatvaliswinebit da uzrunvelyofs yoveli dazrveulisadmi individualur midgomas. produqti sasualebas azlevs momxmarebels, dagegmos jandacvaze mimartuli xarjebi da Tavidan aicilos moulodneli finansuri danaxarjebi. janmrtelobis dazrvevis programasi HarTuli momxmarebeli sargeblobs ai si asistansis 24 saatiani satelefono-sakonsultacio momsaxurebit. janmrtelobis dazrveva moicavs Semdgegi saxis servisebs: hospitaluri momsaxureba ambulatoriuli momsaxureba medikamentebis anazraureba saswrafo-samedicino momsaxureba stomatologiuri momsaxureba orsuloba-msobiarobis xarjebis anazraureba ojaxis eqimis momsaxureba profilaqtikuri gamokvlevebi HEALTH INSURANCE The program is developed based on the specific requirements of customers and provides individual approach to each insured. The product gives possibility to the clients to plan medical expenses and avoid significant unexpected losses. Our policyholders use IC Assistance 24-hour service for free. Health Insurance covers the following services: Hospital services Outpatient services Prescribed drugs Ambulance services Dental services Maternity and child delivery Family doctor services Preventive care services 8
Annual Report 2009 avtotransportis dazrveva programa warmoadgens saxmeleto satransporto sasualebebis dazrvevis srul pakets, romelic moicavs avto kaskos, mesame pirebisadmi mzrolis samoqalaqo pasuxismgeblobis dazrvevas da mzrolisa da mgzavrebis ubeduri SemTxvevisagan dazrvevas. programa faravs danaxarjebs romelic warmoisoba avto-transportis dazianebis, gatacebis, qurdobis, xanzris an avto sagzao SemTxvevis Sedegad. arnisnultan ertad, programa limitis farglebsi faravs avtosagzao SemTxvevis Sedegad dazaralebuli mzrolisa da mgzavrebis mkurnalobis xarjebs. MOTOR INSURANCE Comprehensive motor insurance includes CASCO, motor owner s third party liability and personal accident of the driver and passengers. The program covers loss of or damage to the insured vehicle caused by road accident, fire or theft, and may be tailored to include other risks according to the client s needs. The product covers the Insured s liability to reimburse damages to the third parties and apart of the standard personal accident provides for reimbursement of medical expenses within the agreed limit. 9
wliuri angarisi 2009 qonebis dazrveva produqti moicavs fizikuri an iuridiuli piris sakutrebasi myofi qonebis dazrvevas da faravs Semdegi tipis riskebs: xanzari, afetqeba, mexis dacema, TviTmfrinavis dacema stiqiuri ubedurebebi, miwiszvra qurdoba, Zarcva, yaharoba, vandalizmi, mesame pirta martlsawinaarmdego qmedeba wylit dazianeba minebis dazianeba satransporto sasualebebis Sejaxeba dafarva SesaZloa moicavdes yvela arnisnul risks an mat nebismier kombinacias. ai si jgufi axorcielebs Semdegi tipis dazrvevas: qonebis dazrveva manqana-danadgarebis mwyobridan gamosvlisgan dazrveva saqmianobis droebiti SeHerebisgan dazrveva samseneblo-samontajo riskebisgan dazrveva PROPERTY INSURANCE IC Group provides insurance cover for both commercial and private property for individuals and legal entities. Property Insurance covers the following risks: FLEXA Natural disasters, earthquake Theft, burglary, robbery, vandalism, illegal action of the third parties Water damage Plate glass damage Vehicle impact The cover may include all the above risks or any of their combinations. IC Group provides the following type of insurance: Property & Casualty insurance Machinery breakdown insurance Business Interruption insurance CAR / EAR insurance 10
Annual Report 2009 tvirtebis dazrveva produqti moicavs tvirtebis gadazidvastan dakavsirebuli riskebis dazrvevas, kerzod, sxvadasxva garemoebata gamo tvirtebis dazianeba, ganadgureba an dakargva. dazrvevis arnisnuli tipi gadazidvis procesis SeuzRudavad warmartvisa da SesaZlo zaralis minimumamde Semcirebis yvelaze mosaxerxebeli da usafrtxo sasualebaa. tvirtebis dazrveva faravs dazrveuli obieqtis danakargis an dazianebis yvela risks: mesame piris mier tvirtebis gataceba TaRliTobis gzit HatvirTva-gadmotvirTvis dros dazianebisa da ganadgurebis riskebs gadazidvis processi Sualedur sawyobebsi tvirtis Senaxvis riskebs saerto avariastan dakavsireuli xarjebi tvirtis gadasarhenad, zaralis Sesamcireblad da misi moculobis dasadgenad yvela sawiro mizansewonili xarjebi saomari riskebisgan dazrveva gansakutrebul temperaturul rejimsi tvirtis gadazidvastan dakavsirebuli riskebis dazrveva CARGO INSURANCE The product includes insurance against risks connected with cargo transportation, namely, damage, destroying or loss of cargo due to different circumstances. This type of insurance is the most convenient and safe way to make the process of transportation smooth and minimize possible damage. Cargo Insurance covers all the risks of loss or damage of the insured object: Fraudulent misappropriation of cargo by the third person Risks of damage and destroying during loading unloading Risks of storing at intermediate storage facilities during the process of transportation Damage, expenses and payments connected with the general wreck (for water transportation) All the necessary and reasonable charges incurred to save cargo, decrease damage and identify its amount Insurance against war risks Insurance of cargoes to be transported under the special temperature conditions 11
wliuri angarisi 2009 pasuxismgeblobis dazrveva pasuxismgeblobis dazrveva sasulebas azlevs momxmarebels Tavidan aicilos xarjebi, romlebic mesame piristvis miyenebuli zaralis anazraurebastanaa dakavsirebuli. aseti zarali warmoiqmneba fizikur piris sicocxlis, janmrtelobistvis an iuridiuli piris qonebistvis zianis miyenebis Sedegad. ai si jgufi axorcielebs Semdegi saxis pasuxismgeblobebis dazrvevas: mesame pirebis winase samoqalaqo pasuxismgeblobis dazrveva damqiraveblis pasuxismgeblobis dazrveva profesiuli pasuxismgeblobis dazrveva pasuxismgeblobis dazrveva saqonlis (samusaos, momsaxurebis) naklit miyenebul zaralze pasuxismgeblobis dazrveva samkurnalo sasualebebis klinikuri kvlevis Hatarebisas pacientisadmi miyenebuli zianistvis. THIRD PARTY LIABILITY INSURANCE Product helps to minimize the expenses related to the responsibility to reimburse the damages inflicted to a third party. Such damage occurs as a result of causing harm to health, life, or to the property of third party. IC Group performs insurance of the following types of liability: General third party liability insurance Employer s liability insurance Professional liability insurance Product liability insurance Clinical trials liability insurance 12
Annual Report 2009 safinanso danakargebisgan dazrveva da garantiebi ekonomikuri saqmianobis warmoebis dros, biznesis gafartovebas da komerciul zrdas Tan axlavs garkveuli safinanso riskebi, romelic xsirad ganvitarebis xelissemslel faqtors warmoadgens. safinanso danakargebisgan dazrveva sasualebas azlevs kompanias uket dagegmos sakutari biznesis gafartoveba. dazrvevis tipebia: kompleqsuri sabanko dazrveva saqmianobis droebit SeHerebisgan dazrveva giraos dazrveva sabajo da sxva garantiebi sxva finansuri garantiebi FINANCIAL RISKS & BONDS Economic activities, and particularly business expansions are accompanied by certain financial risks that often might hinder development of a business. Financial Risk Insurance avails businesses of the opportunity to better plan their expansion. Types of insurance against financial risks are the following: Bankers Blanket Bond (BBB) Business interruption insurance Mortgage insurance Customs and other types of Bonds Other financial guarantees 13
wliuri angarisi 2009 samogzauro dazrveva samogzauro dazrvevis programa uzrunvelyofs momxmareblis dazrvevas mogzaurobis dros warmoqmnili farto speqtris riskebisgan. produqti moicavs Semdegi tipis momsaxurebebs: gadaudebeli saswrafo samedicino daxmareba gadaudebeli hospitaluri mkurnaloba gadaudebeli ambulatoriuli mkurnaloba gadaudebeli stomatologia dazrveulis repatriacia bargis dakargvisgan dazrveva TRAVEL INSURANCE The Travel Insurance program provides insurance against wide variety of risks arisen during traveling. The product includes the following types of services: Emergency medical aid Emergency hospital treatment Emergency outpatient treatment Emergency dental services Repatriation of the insured person Insurance against the loss of luggage 14
Annual Report 2009 sahaero transportis dazrveva sahaero xomaldebis dazrvevis obieqtebs warmoadgenen samoqalaqo, saxelmwifo da komerciuli aviaciis nebismieri safreni aparatebi. arnisnuli dazrvevit ifareba Semdegi riskebi: sahaero xomaldebis Zaris dazrveva sahaero xomaldis martvastan dakavsirebuli pasuxismgeblobis dazrveva, rogoricaa pasuxismgebloba mesame mxaris mimart, mgzavrebis mimart, tvirtisa da bargis mflobelta mimart sahaero xomaldebis ekipajisa da mgzavrebis ubeduri SemTxvevebisagan dazrveva aseve, damatebiti motxovnisas SesaZlebelia omis, terorizmisa da mattan dakavsirebuli riskebisagan dazrveva. AVIATION RISK INSURANCE Objects of airship insurance are any air vessels of civil, governmental and commercial aviation. The cover may include but is not limited to: Aircraft Hull Insurance Third party liability, liability to passengers, luggage and cargo Personal Accident insurance for the passengers and crew. In case of additional request, it is possible to insure against the risks connected with war and terrorism. 15
wliuri angarisi 2009 sarkinigzo satransporto sasualebebis dazrveva ai si jgufis mier SemuSavebuli sarkinigzo satransporto sasualebebis dazrvevis programa icavs momxmarebels arnisnuli tipis transportis eqspluataciastan dakavsirebuli riskebisgan. dazrvevas eqvemdebareba: vagonebi da naxevarvagonebi platformebi (baqnebi) cisternebi refrijeratorebi elmavlebi sxva sarkinigzo satransporto sasualebebi damatebit SeiZleba dazrveul iqnas Sesanaxad an saremontod gadayvanili sarkinigzo satransporto sasualebebi. RAILWAY TRANSPORT INSURANCE IC Group offers a comprehensive program covering almost all risks associated with the railway transport operation. We insure: Carriages and gondola wagons Platforms Cisterns Refrigerators Electric, diesel and steam locomotives Other railway transport Additional cover may be provided to the transport facilities under repairs or in storage. 16
Annual Report 2009 sazrvao xomaldebis dazrveva wylis transportis eqspluataciis specifikidan gamomdinare, gansakurtebuli motxovnebi arsebobs im sadazrvevo kompaniebis mimart, romelsac wylis transportis mflobeli Tavisi qonebrivi interesebis dacvas andobs. ai si jgufi yoveli dazrveulis mimart individualuri midgomit gamoirheva. kompaniis specialistebi SesaZlo riskebis analizis safuzvelze opitimalur sadazrvevo programas stavazoben sakutar momxmarebels. HULL MARINE INSURANCE Specific features of water transport operation created special requirements to the hull marine insurance carriers. IC Group has an individual approach to each client. Company specialists study the technically complicated objects, analyse the possible risks and offer an optimal insurance cover with reliable protection. sicocxlis dazrveva ai si jgufi sakutar momxmarebels sicocxlis dazrvevis sxvadasxva tipis programas stavazobs, rogoric aris vadiani sicocxlis dazrveva, sakredito sicocxlis dazrveva da a.s. yvela programistvis damaxasiatebelia momxmarebelze maqsimalurad morgebuli pirobebi da satarifo struqtura. sadazrvevo Senatanebi fiqsirebulia da ar icvleba sadazrvevo periodis ganmavlobasi. LIFE INSURANCE IC Group offers various insurance plans to its customers, such as term life, credit life, etc. Our insurance programs and rate structure are maximally tailored to the client s needs. Insurance premium is fixed and does not change during the period of insurance. 17
finansuri macveneblebi FINANCIAL INDICATORS
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Cveni partniorebi OUR PARTNERS
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Annual Report 2009 ofisebi Offices warmomadgenlebi Representatives msenebare saavadmyofoebi Hospitals under construction 27
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