STATISTICS: Latvia: Insurers' HY 2021 profits increased by 33% to EUR 18 million

14 September 2021 —
STATISTICS: Latvia: Insurers' HY 2021 profits increased by 33% to EUR 18 million
Latvian insurers' six months 2021 aggregate GWP remained at the H1 2020 level (local and EU branches, summed-up) totaling ~EUR 406.7 million, while the amount paid in claims and indemnities increased by 1.8% y-o-y to EUR 249.5 million, according to the half-year figures published by The Financial and Capital Market Commission of Latvia (FKTK).

Of total GWP, branches of EU insurers generated 37.1% - EUR 151 million, or 3.7% more y-o-y, the remaining EUR 256 million (-1.9% y-o-y) being generated by the local insurers.

At the end of June 2021, there were 4 non-life insurance companies and 2 life insurance companies operating in Latvia, as well as 11 branches of foreign insurers (vs. 12 a year before).

In terms of GWP, the largest life insurer in the country is SEB Life and Pension Baltic SE (GWP of EUR 45.6 million, 41.3% market share), while BTA Baltic Insurance Company led the non-life ranking with GWP worth EUR 109.4 million or 36.9% market share.

According to the presented figures, insurers' aggregate net profits expanded by 33.4% during the period (or by almost EUR 4.5 million in absolute value) to EUR 18.06 million. 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 11 EU branches active on local market.

Per business lines, the aggregate net profits reported by the two local life insurance companies (SEB Life and Pension Baltic SE and CBL Life) totaled EUR 8.7 million vs. a net loss of EUR-4.8 million a year before, while the profits reported by the four local general insurers decreased to EUR 9.34 million vs. EUR 18.32 million in June 2020.

Access database and download the H12021 Latvian insurance market statistics: GWP/claims portfolio and life/non-life rankings.