At the end of 2021, Latvian insurers' aggregate GWP (local and EU branches, summed-up) totaled EUR 849.4 million, up by 6.5% y-o-y, while the amount paid in claims and indemnities increased by 8% y-o-y to EUR 541.4 million, according to the year-end figures published by The Financial and Capital Market Commission of Latvia (FKTK).

Of total GWP, branches of EU insurers generated more than one third (38.7%) - EUR 328.3 million, or 16.7% more y-o-y, the remaining EUR 521.1 million (+1% y-o-y) being generated by the local insurers.

At the end of 2021, there were 4 non-life insurance companies and 2 life insurance companies operating in Latvia, as well as 11 branches of foreign insurers.

The largest life insurer in the country is SEB Life and Pension Baltic SE (GWP of EUR 96.2 million, 37.3% market share), while BTA Baltic Insurance Company led the non-life ranking with GWP worth EUR 218.8 million or 37% market share.

Insurers' aggregate net profits decreased by more than 32% during last year (or by EUR 17.1 million in absolute value) to EUR 36.2 million. 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 11 EU branches active on local market (seven non-life EU branches and four 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) increased by almost five times from EUR 3.3 million to EUR 16.1 million, as FKTK figures indicates.

On the other hand, the profits reported by the four local general insurers - BTA Baltic, Balta, Balcia and Baltijas, decreased by EUR 30 million (or by almost 60%) to EUR 20.1 million (vs. EUR 50.1 million a year before).

Access xprimm.com database and download the FY2021 Latvian insurance market statistics: GWP/claims portfolio and life/non-life rankings.