Improved profitability is the result both of company's cost reduction over the past years and a significant increase in GWP, by 28% y-o-y, outpacing by far the market average of 7%. BALTA ended the previous years with a "red" balance, recording losses of EUR 1.056 million in 2014 and EUR 2.247 million in 2013.
"Last year we were able to observe that the Latvian insurance companies earned not due to insurance activities, but thanks to successful investments. That is why we are particularly pleased with BALTA's first half result and profit from insurance activities", Bogdan BENCAK, Chairman of the Board commented.
AAS BALTA entered the Group in June 2014 and further acquired the PZU Lithuanian branch in May 2015. In the first half of 2015, the share of AAS BALTA (including the branch in Latvia) in the non-life insurance market amounted to 25.3%. The total gross written premium amounted to EUR 33.8 million.
In 1H2015 BALTA paid EUR 17.3 million in compensation, which is 28% more y-o-y.
BALTA's parent company, the PZU Group in Poland posted EUR 2.15 billion in premiums in 1H2015, up by 8.2% y-o-y. PZU's consolidated profit before tax amounted to EUR 339.7 million in 1H2015.
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