Latvian insurers' FY2020 profits expanded by 59% y-o-y

23 March 2021 —
Latvian insurers' aggregate net profits expanded by 58.7% during last year (or by almost EUR 20 million in absolute value) to EUR 53.38 million, according to data presented by the Finance and Capital Market Commission (FKTK).

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 10 EU branches active on local market (seven non-life EU branches and three foreign life insurance branch offices).

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 by almost 58% y-o-y from EUR 7.8 million to EUR 3.3 million, as FKTK figures indicates.

On the other hand, the profits reported by the four local general insurers - BTA Baltic, Balta, Balcia and Baltijas, almost doubled to EUR 50 million (vs. EUR 25.8 million a year before).