BAKU, Azerbaijan, August 4. Fitch has affirmed ratings of the Georgian insurance company, TBC Insurance JSC, at 'BB' level.
This is reflected in a report published on Fitch Ratings website.
According to the report, the agency has affirmed TBC Insurance JSC's Insurer Financial Strength (IFS) Rating and Long-Term Issuer Default Rating (IDR) at 'BB' with Stable Outlooks.
Fitch noted that TBC Insurance's ratings reflect the company's high investment risk, and moderate reserving risks and reinsurance use as well as its leading position in the Georgian domestic insurance market, adequate capitalization, and solid financial performance.
According to Fitch, regulatory environment of Georgia provides a limited level of protection for the interests of policyholders.
The report said that due to this, the agency equalizes the IFS Rating with the IDR.
According to Fitch, TBC Insurance's investment portfolio remains concentrated in the domestic market through local bank deposits and holdings of bonds of local companies, including a high exposure to related-party investments.
"The investment portfolio primarily comprises domestic fixed-income instruments with a weighted average rating of 'BB'. Deposits in local banks make up most investments. Bonds accounted for 10% of investments at end-2025, with 38% comprising US Treasuries. TBC Insurance also has a high concentration of related-party investments, with cash, bank deposits and bonds of TBC Bank accounting for 55% of investments at end-2025.
TBC Insurance is a leading life and non-life Georgian insurer, with an overall market share of 18.8% at end-2025. The non-life business focuses on motor, medical and property, with life insurance concentrated on borrowers through the bancassurance channel, leveraging TBC Bank's client base," the agency's report mentioned.
According to Fitch calculations, TBC Insurance's return on average equity amounted to 53% at end-2025 compared to 46% a year earlier.
"Financial performance in 2025 was driven by strong underwriting results, with a slightly improved Fitch-calculated combined ratio of 87% at end-2025 (end-2024: 90%)," the report explained.
The agency pointed out that according to statutory reporting, net profit of TBC Insurance was 41.5 million lari in 2025, and return on equity reached 53%.
Fitch also assessed reserving risk as moderate, believing the insurance reserves to be adequate for coverage of risks accepted by the company.
The agency noted a moderate level of reinsurance use: the net/gross premium ratio was 86% at end-2025 compared to 87% at end-2024.
"TBC Insurance uses treaty reinsurance for agriculture insurance and facultative excess of loss and surplus agreements for other lines. The reinsurance panel comprises mainly foreign reinsurers with 'A' category ratings," the agency added.
