Of total GWP, branches of EU insurers generated more than one third (37.3%) - EUR 370.8 million, or 13% more y-o-y, the remaining EUR 624 million (+19.7% y-o-y) being generated by the local insurers.
At the end of 2022, there were 4 non-life insurance companies and 2 life insurance companies operating in Latvia, as well as 11 branches of foreign insurers (seven non-life EU branches and four foreign life insurance branch offices).
The largest life insurer in the country is SEB Life and Pension Baltic SE (GWP of EUR 94.3 million, 36.8% market share), while BTA Baltic Insurance Company led the non-life ranking with GWP worth EUR 262 million or 35.5% market share.
Insurers' aggregate net profits decreased by more than 20% during last year (or by EUR 7.4 million in absolute value) to EUR 28.8 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.
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 56.4% y-o-y from EUR 16.1 million to EUR 7 million, as the central bank of Latvia figures indicates.
On the other hand, the profits reported by the four local general insurers - BTA Baltic, Balta, Balcia and Baltijas, increased by EUR 1.7 million (or by 8.2%) to EUR 21.8 million (vs. EUR 20.1 million a year before).
Access xprimm.com database and download the YE2022 Latvian insurance market statistics: GWP/claims portfolio and life/non-life rankings.