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.