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LITHUANIA: ERGO cooperate with Nextury Ventures in the creation of innovation in the insurance field
"ERGO Insurance" signed a long-term cooperation agreement with the
Venture Capital Fund Nextury Ventures in Lithuania, which invests in
business start-ups and high-potential business ideas. With the help of
the Nextury Ventures team, ERGO will search for ideas, which could turn
into innovation in the insurance field. According to ERGO
representatives, the decision to use start-ups were determined by a
general need for fresh winds of change and progress in the insurance
business in Lithuania.
23 March 2015LITHUANIA: COMPENSA Life showed steady growth in 2014
The results of the Lithuanian Branch of the life insurance company COMPENSA Life Vienna Insurance Group SE have been steadily growing for three years consecutively. Compared to 2013, the total sum of underwritten life insurance and health insurance premiums increased by 35% and amounted to EUR 24 million (LTL 83 million).
25 February 2015STATISTICS: LITHUANIA, FY2014: Insurance market development is likely to surpass the growth rate of the domestic economy
Driven by a recovery in the economy and an almost 7% increase over 2014, the insurance market this year is likely to maintain a similar growth rate, forecasts the Bank of Lithuania.
18 February 2015LITHUANIA's pension funds paid out EUR 14.3 mln in 2014
Payouts to participants of pension funds are increasing every year in
Lithuania. Participants of pension funds, or their relatives who
inherited the rights to payouts, were paid EUR 14.3 million in 2014,
reports LETA/ELTA.
13 February 2015PZU sold its LITHUANIAN unit for EUR 54 million
The Polish PZU, one of the largest CEE insurance groups, announced, on February 3rd, that it agreed to sell 99.88% shares in its Lithuanian subsidiary PZU Lietuva to Norway 's GJENSIDIGE Forsikring for EUR 54 million, to complete last year's EUR 360 million takeover of RSA Group's assets in Baltic States. PZU said that the final price may change and will be adjusted for a difference between from the valuation date (September 30, 2014) to the transaction closing.
3 February 2015US insurance giant to create hundreds jobs in LITHUANIA
According to website vz.lt, US insurance giant AIG is going to establish
400 new jobs in Vilnius by the end of 2015. AIG customer service centre
in Vilnius will provide services to foreign markets, reports LETA/ELTA.
15 January 2015STATISTICS: Bank of Lithuania, 3Q2014: Rapid life-assurance growth, moderate non-life insurance expansion and record-high profits
Over the three quarters of 2014, the Lithuanian insurance market, in terms of premiums written, increased by 6.3% and amounted to almost LTL 1.5 billion (EUR 433 million). Such growth was driven by rapid expansion of the life assurance sector. The non-life insurance sector was distinguished by high competition and more modest growth, the Bank of Lithuania reported.
8 January 2015Polish Business Awards handed out in LITHUANIA
On November 17th, Polish Business Awards were handed out for the third
time in Lithuania in 2014. Trade and Investment Promotion Section of the
Polish Embassy is organising Polish Business Awards, informs LETA/ELTA.
19 November 2014LITHUANIA's best employers 2014: Lietuvos Draudimas
For the third year in a row, the winners of Best Employers in Lithuania
were announced. In 2014, the Best Employers awards went to the digital
advertising software company Adform, Cramo, a service company
specialising in equipment rental services, and the insurance company
Lietuvos Draudimas, informs LETA/ELTA.
10 October 2014LITHUANIA, BTA Insurance: October, December most dangerous months for drivers
Over the period of 3 years the non-life insurance company BTA registered
almost 13,000 car accidents in the three largest cities of Lithuania as
58% were registered in Vilnius, 27% - in Kaunas and 14% - in Klaipeda,
informs LETA/ELTA.
29 September 2014STATISTICS: LITHUANIA 1H2014: EUR 294 million in GWP and expecting a 6% increase for year end
In the first half of 2014, the Lithuanian insurers wrote insurance premiums amounting to LTL 1,013.7 million (EUR 293.6 million), a year-on-year increase of 7.8%, but still 2.9% less than in the first half of 2008, when the volume of Lithuania's insurance market was the highest, Bank of Lithuania informed. According to the half-year review published by the market authority, the life insurance market grew by even 18.3% (to LTL 331.0 million / EUR 95.9 million), while the non-life insurance market was up by 3.4% (to LTL 682.8 million / EUR 197.7 million) over the year.
18 September 2014Insurer PZU agrees to slim down in LITHUANIA to seal RSA deal
Eastern Europe's largest insurer, Poland's PZU, has agreed to spin off
part of its Lithuanian business to assuage competition concerns and pave
the way for its purchase of Lithuanian rival Lietuvos Draudimas.
17 September 2014LITHUANIA: Insurance company IF joins list of Lithuanian League partners
The Lithuanian League ( LKL ) and insurance company IF have become partners ahead of the 2014-15 season. Both companies signed a cooperation agreement under which the League will receive assistance. LKL President Remigijus Milasius is glad that If joined the League, as the insurance company has earned international recognition, and says he's convinced this will be a fruitful cooperation. "I am glad that there are companies, such as IF, which are willing to contribute to the promotion of sports".
15 September 2014PZU has problems obtaining clearance to buy LITHUANIA's top insurer
Poland's insurance group PZU, which has reached a 360-million-euro deal
to buy RSA's business in the Baltics and Poland, so far failed to
convince the Lithuanian Competition Council that its planned takeover of
the country's leading non-life insurer Lietuvos Draudimas (Lithuanian
Insurance) will have no negative effects on the market, the business
daily Verslo Zinios reported on Wednesday.
11 September 2014LITHUANIA: BTA generated almost LTL 76 mln of insurance premiums in 5 months
During the first five months of 2014, Lithuanian non-life insurance company BTA generated almost LTL 76 million (EUR 22 million) of insurance premiums, while the volume of written gross premiums amounted to LTL 40 million (EUR 12 million), informs LETA/ELTA.
1 July 2014BTA: in LITHUANIA, more motorcycles are involved in accidents in July
Based on the data of non-life insurance company BTA, July is the most dangerous month for Lithuania's motorcycle drivers. Statistics for the last three years show that the number of accidents caused by motorcycle drivers in July increases three times compared to other warm-season months, informs LETA/ELTA.
17 June 2014Bank of Lithuania: The insurance market continues to grow strongly, with volumes well above previous years
The insurance undertakings registered in the country and branches of insurance undertakings of other European Union Member States established in Lithuania wrote, in the first quarter of 2014, LTL 486.9 million (or EUR 141 million) of insurance premiums, a one-tenth increase year on year.
12 June 2014LITHUANIAN insurer LIETUVOS Draudimas earned EUR 5 million in Q1
Largest Lithuanian insurance company Lietuvos Draudimas earned LTL 17.2
million (EUR 4.9 million) in pre-tax profit while non-life premiums
written amounted to LTL 92.5 million (EUR 26.7 million) in Q1of 2014,
reports LETA/ELTA.
8 May 2014POLAND's PZU close to buying RSA's Lithuanian insurer
PZU, eastern Europe's biggest insurer, is close to acquiring Lithuanian
rival Lietuvos draudimas from British group RSA in a deal valued at
around 100 million euros ($139 million), sources with knowledge of the
matter said on Monday. Last month Lithuanian media reports said that the
PZU, the Polish state-controlled group, was bidding in competition with
Austria's Vienna Insurance Group but PZU offered better conditions.
14 April 2014PZU and VIG, in race for the Lithuanian insurance market's leader
The largest insurer of the Central and Eastern Europe, the Polish company PZU, and the Austrian group VIENNA Insurance Group are the main competitors in the race for acquisition of DRAUDIMAS Lietuva, the top insurer in Lithuania, in a deal estimated at around EUR 100 million, informs REUTERS, quoting local press.
10 April 2014XPRIMM Newsletter
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