ERGO in the Baltic States 2016: Increased GWP and profit

1 March 2017 — Daniela GHETU
ERGO's subsidiaries firm the Baltic States have achieved strong results in 2016, both in GWP and profitability terms. GWP amounted to EUR 206 million, growing y-o-y at a pace of 11%, significantly above the market average.

Positive bottom line result amounted to EUR 4.5 million profit and was 4% higher than last year. During 2016 ERGO customers in the Baltic countries were paid EUR 133 million in claims, this amount being ca. 10% higher than during last year.

Commenting the 1-4Q 2016 results of ERGO in the Baltic States Dr. BAGDONAVICIUS, Chairman of ERGO insurance companies in the Baltic States, points out: "We are satisfied with the achievements in 2016. Thanks to our strong market position, client proximity and very successful investment management, we were able to counter the effects of low interest rates in Life insurance and intensive competition in P&C markets in all".

In 12 months of 2016 ERGO customers in the Baltic States were paid EUR 133 million in claims. The biggest amount of technical losses came from main lines of business: MTPL, MoD, commercial property. Claims frequency has also increased especially in P&C insurance segment. The biggest claims in amount of EUR 0.35 and 0.25 million have been fixed in Latvia due to losses because of business interruption in one manufacturing company and due to fire of private property. In Lithuania the biggest claim due to fire exceeded 0,16 million euros. The biggest claim in Estonia, exceeding EUR 0.9 million, was reported in motor insurance.

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