ERGO in the Baltic States: significant growth in GWP, profit and market share

7 December 2017 — Daniela GHETU
ERGO in the Baltic States recorded a positive bottom line result of EUR 6,8 million, almost double y-o-y, while GWP have increased by about 19%, to EUR 177 million in 3Q2017, outperforming the overall Baltic insurance market's performance (14.5% growth in GWP).

In all Baltic countries the key growth drivers in P&C were motor lines, in Life insurance segment - UL (unit linked). Bottom line development in P&C has improved in all Baltic countries. Health UW results strongly supported the achievement of good results in Life insurance segment.

During the 3Q2017 ERGO customers in the Baltic countries were paid EUR 105 million in claims. Major losses were in key lines of business: MTPL, MoD and property. The highest claim in amount of EUR 2,4 million has been fixed in Lithuania due to African pig plague. The biggest claim in Estonia, exceeding EUR 0,45 million, was reported in motor insurance. In Latvia the biggest claim due to motor accident exceeded EUR 0,12 million.

"The development in all Baltic countries was in line with expectations and the target to generate positive UW result is achieved. Our current development and our forecasts show that we will have a successful year and most of our targets are forecasted to be achieved," CEO of ERGO insurance companies in the Baltic States Dr. BAGDONAVIEIUS said.

ERGO in the Baltic States

ERGO has been among leading insurance groups in the Baltic States and offers a complete range of coverage including non-life insurance along with life and health insurance. Premiums of ERGO Baltic totalled EUR 206 million in 2016. Last year customers in the Baltic countries were paid EUR 133 million for insurance claims. ERGO is also present in Belarus offering services in the non-life sector. Over 650,000 customers in the Baltic States trust the services, know-how and financial stability of ERGO Group.

ERGO companies operating in the Baltic countries are part of the ERGO Group - one of the major insurance groups in Germany and Europe. Worldwide, the Group is represented in over 30 countries and concentrates on Europe and Asia.

ERGO is part of Munich Re, one of the leading reinsurers and risk carriers worldwide.

Share |