LITHUANIA: Profit of Lietuvos draudimas last year reached EUR 24.9 million

6 April 2023 —
The Baltic non-life insurance company Lietuvos draudimas ended 2022 with 30% in the country's market portfolio, the company's income grew by 24%, writes citing the insurer's press release.

2022 was an unusually turbulent year, but the performance indicators of Lietuvos draudimas remained stable. Last year, the company's income (together with the Estonian branch) reached EUR 337.7 million and was 24% higher than in 2021. GWP of the company in Lithuania grew by 24.6% in 2022, at that time the Estonian branch signed 22.3% more premiums. Net value of incurred damages increased by 18.2% up to EUR 181.5 million, and insurance costs - by 18.7% up to EUR 88.2 million (vs EUR 74.4 million in 2021).

It is noted that in 2022, Lietuvos draudimas not only increased premiums in both markets, but also worked profitably. According to the audited data, the company's net profit including the Estonian branch, amounted to EUR 24.9 million in 2022. "Based on the market share in the country and the results of 2022, we are the undisputed market leader. Last year, we insured over 652 thousand people in Lithuania. We see that this number will grow this year as well. Most of them are individual customers, which means that Lithuanian residents first choose Lietuvos draudimas as their insurer. For many years, the residents of the country evaluate us most favorably and consider us the most reliable brand in the insurance sector", says the company's CEO Kestutis Serpytis.

Lietuvos draudimas is the largest insurer, the leader of the insurance market in Lithuania and the largest insurance company in the Baltic States.