STATISTICS: LATVIA, 3Q2020: 9 months insurers' profits expanded by 29% y-o-y

17 December 2020 —
STATISTICS: LATVIA, 3Q2020: 9 months insurers' profits expanded by 29% y-o-y
The Latvian insurance market totaled EUR 597 million at the end of September 2020, about 1.4% more y-o-y, according to data published by the Financial and Capital Market Commission (FKTK).

According to figures released by FKTK, about 66% of total GWP were written by local insurers (EUR 391 million, or 3.7% more y-o-y), the rest by EU insurers (EUR 205 million, down by 2.9% y-o-y).

Overall, the insurance companies paid EUR 364 million in claims (5.3% less y-o-y).

Non-life insurers closed Q32020 with a net profit of EUR 24.93 million (vs. EUR 16.65 million a year ago), while the life insurers reported a negative result of EUR -1.82 million vs. a net profit of EUR 1.31 million at the end of September 2019. Overall, insurers' aggregate net profits expanded by 28.68% y-o-y (or by EUR 5.15 million in absolute value) to EUR 23.11 million.

At the same time, the technical result in life insurance continued to be negative (EUR-6.5 million vs. EUR-8.9 million in September 2019), while in non-life the same indicator doubled to EUR 22 million vs. EUR 10.95 million.

It is worth mentioning that 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).

Of all six active life insurers (local and EU branches) the largest as GWP is SEB Life and Pension Baltic SE (EUR 75.5 million, market share of 44.4%). At the same time, BTA Baltic Insurance Company accounted for 37% of non-life market, followed by BALTA (19.2%) and BALCIA (12%).

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