VIG in LITHUANIA: Acquisition of FINSALTAS delivers sustainable expansion in sales structure

Vienna Insurance Group company COMPENSA Life SE has strengthened one of its key distribution channels in Lithuania with the acquisition of life insurance sales specialist FINSALTAS. With around 300 insurance brokers, FINSALTAS is Lithuania's largest life insurance sales company. In 2014 the company generated some EUR 7.1 million in life insurance premiums.

"COMPENSA Life's acquisition of FINSALTAS, a highly successful business, will pave the way for continued and closer cooperation", the VIG officials said in a statement.

In the past few years, Lithuania's insurance industry has expanded rapidly, in line with the country's economic recovery. Unit-linked products dominate the life insurance segment, accounting for some 70% of total premiums. Life insurance premiums have risen by an average of around 20% over the past few years.

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