LHV Kindlustus, Estonian LHV Group's recently established non-life insurance unit, ended the first half of the year with a net loss of EUR 388,000. The consolidated net profit of AS LHV Group, including banking, asset management and insurance businesses, reached EUR 24.3 million.
LHV Kindlustus that started operations in January, but started to actively offer insurance products on the Estonian market only in May. The income from insurance activities amounted to EUR 508,000.
In May, LHV Kindlustus introduced its motor own damage insurance and motor third party liability insurance to the market, and started offering insurance products to all clients in Estonia. As a new insurance undertaking based on Estonian capital, LHV Kindlustus wishes to compete strongly on the non-life insurance market that has so far mostly been occupied by foreign companies.
LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group's key subsidiaries are LHV Pank, LHV Varahaldus, and LHV Kindlustus. LHV employs over 590 people. LHV's banking services are used by nearly 286,000 clients, and pension funds managed by LHV have nearly 175,000 active clients. LHV's UK branch offers banking infrastructure to over 150 international financial services companies, via which LHV's payment services reach clients around the world.