Latvia insurers' quarterly profits decreased to EUR 2.82 million in Q1 2022

22 June 2022 — Andrei Victor
Latvian insurers' aggregate end March 2022 net profits totaled EUR 2.82 million vs. EUR 10.40 million in Q1 2021, according to data presented by the Finance and Capital Market Commission (FKTK).

Per business lines, the aggregate net profits reported by the two local life insurance companies (SEB Life and Pension Baltic SE and CBL Life) decreased to EUR 0.60 million vs. EUR 5.84 million a year before while the profits reported by the four local general insurers - BTA Baltic, Balta, Balcia and Baltijas totaled EUR 2.22 million (vs. EUR 4.56 million a year before).

It is worth mention, the presented figures include only the profits reported by the six local insurers (4 non-life and the two life insurers), being not considered the profits realized by the other 12 EU branches active on local market (seven non-life EU branches and five foreign life insurance branch offices).

At the end of March 2022, Latvian insurers' aggregate GWP (local and EU branches, summed-up) totaled EUR 252.67 million, up by 17.37% y-o-y, while the amount paid in claims and indemnities increased by 36.29% y-o-y to EUR 174.57 million.

There were 4 non-life insurance companies and 2 life insurance companies operating in Latvia, as well as 12 branches of foreign insurers.

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