Latvia insurance market returned on profit in Q1 2021

14 June 2021 — Andrei Victor
Latvian insurers' aggregate net profits totaled EUR 10.40 million vs. a net loss of EUR -3.52 million in Q1 2020, according to data presented by the Finance and Capital Market Commission (FKTK).

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 10 EU branches active on local market (seven non-life EU branches and three 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) was EUR 7.85 million vs. a net loss of EUR 11.37 million a year before, as FKTK figures indicates.

On the other hand, the profits reported by the four local general insurers - BTA Baltic, Balta, Balcia and Baltijas totaled EUR 4.55 million (vs. EUR 5.84 million a year before).

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