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Austrian group is Number one insurer in the Baltic states

The Austrian Vienna Insurance Group AG (VIG) is active in 25 countries of Central and Eastern Europe with around 50 insurance companies and more than 25.000 employees.

In the three Baltic states, the Group has gained market leadership since 2016 through its corporations Compensa Life Vienna VIG SE/Tallinn, Compensa VIG ADB/Vilnius and BTA Baltic Insurence Company/Riga. Thanks to organic growth and a couple of acquisitions, Vienna Insurance Group (VIG) has become the market leader in the Baltic countries in less than two years from 2015 to 2016.

With two strong brands, BTA Baltic and Compensa, operating in all three Baltic states, the Group is aiming to increase its current market share of around 20%. In the first half of 2017, the two Group companies both recorded growth, generating combined premium income of about EUR 163m, (+ 20.2%). The imminent take-over of another non-life-insurer Seesam should lead to additional gains and bring the market share up to 25%.

Owing to their solid economic performance and stable political climates, the Baltic states have become an important growth market for VIG, and a region where VIG has made targeted investments in recent years. The fact that Latvia, Lithuania and Estonia all belong to the eurozone is another pleasant aspect.

The positive trend to conclude voluntary insurance policies both among private persons and companies has enabled this upswing. In addition to liability insurances, health and accident insurances as well as comprehensive car and household insurances become more and more popular.