Latvian insurers' end-September profits expanded by 9% y-o-y

10 January 2022 — Andrei Victor
According to the Q3 2021 market data published by the Financial and Capital Market Commission (FKTK), Latvian insurers' aggregate net profits expanded by EUR 2.1 million (or by 9% y-o-y) to EUR 25.2 million (vs. EUR 23.1 million).

Non-life insurers closed the first nine months of 2021 with a net profit of EUR 13.4 million (vs. EUR 24.9 million a year ago), while the life insurers reported aggregate profits of EUR 11.8 million vs. a negative result of EUR -1.8 million at the end of September 2020.

At the same time, the technical result in life insurance continued to be negative (EUR-30.1 million vs. EUR-6.5 million in September 2020), while in non-life the same decreased by almost EUR 10 million from EUR 22 million vs. EUR 12.2 million.

The Latvian insurance market totaled EUR 618.8 million at the end of September 2021, about 3.7% more y-o-y. There were 4 non-life insurance companies and 2 life insurance companies operating in Latvia, as well as 11 branches of foreign insurers (7 non-life & 4 life).

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