StockMarketWire.com - Georgia Healthcare Group's medical insurance business on Thursday won two large tenders, retaining the country's largest insurance client the Ministry of Internal Affairs, and the Ministry of Defense.
The contract wins were expected to boost the number of Georgia Healthcare Group's insured individuals to 230,000 in 2019, the company said.
The Ministry of Internal Affairs contract was initially won in December 2017 for a one-year term and the contract had been successfully extended for another year through 2019.
The contract generated significant synergies in 2018, increasing the claims retention rate within the group by 320 basis points year-on-year in in the nine months through 2018, reaching 38.6%, the company said.
The Ministry of Defense contract was allowed to expire in January 2017 due to its high loss ratio, but was renegotiated, and expected to deliver 'significant additional synergies,' the company added.
At 8:40am: [LON:GHG] Georgia Healthcare Group Plc share price was +5p at 215p
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