In the first half of this year, the country's largest insurance company Lietuvos draudimas expanded its business, occupying 29% of the non-life insurance market in Lithuania and strengthening its market leadership position, the insurer wrote.

From January to June, 2024, non-life GWP of Lietuvos draudimas amounted to EUR 222 million, including the result of its Estonian branch. GWP grew by 12% y-o-y (EUR 199 million in 1H2023). The growth of non-life insurance was recorded in both Lithuanian and Estonian insurance markets.

The insurer’s net profit, including the Estonian branch, in 2024 reached EUR 22 million in 1H2024, which is 38% more y-o-y (EUR 16 million in 1H2023)

The first six months of this year were successful for the company in terms of its investment activities. Together with the Estonian branch, the profit from the investment activity of Lietuvos draudimas reached EUR 5 million during the period vs EUR 2 million of profit in the same period in 2023.

"During the first six months of this year, we recorded a consistent GWP increase. The growth in premiums was supported by the interest in home insurance, and as a result, GWP in this segment increased significantly. Traditionally, residential and commercial transport insurance, as well as business insurance, made up a significant part of the total premium portfolio”, says Kęstutis Šerpytis, CEO of Lietuvos draudimas. “After entering the warm season in the 2Q2024, the number of seasonal damages increased, for example, vehicle and animal collisions increased, but there were no major natural disasters and damages in the second quarter. These factors, together with the company's successful investment activities, generated a positive net profit result for the first half of the year", the CEO added.

In 1H2024, Lietuvos draudimas paid out EUR 120 million to its customers for non-life insurance losses in Lithuania and Estonia, which is 19% more y-o-y (EUR 100 million in 1H2023). By the end of 2Q2024, the company had 860,000 of customers in Lithuania and Estonia, including individuals and legal entities.

Lietuvos draudimas is the largest and most experienced non-life insurance company in the Baltic States. It belongs to one of the largest insurance groups in CEE, PZU SA, which owns 100% of the company. Lietuvos draudimas provides civil liability, property and personal insurance services for vehicles to private and business clients in Lithuania and Estonia.