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Latvian insurance companies make profit

11. April 2017

Latvian insurance companies last year made profits totaling EUR 104.957 million as opposed to a loss in 2015.

According to the Financial and Capital Market Commission the significant rise in profits was mostly due to a non-life insurer selling its subsidiary. With the impact of this deal excluded, aggregate profit of non-life insurers would have been around EUR 5 million. In 2016, Balcia Insurance sold the controlling stake in its subsidiary, BTA Baltic Insurance Company, and closed the year with pre-tax profit of EUR 98.713 million. 

Aggregate profit of non-life insurers last year was EUR 103.171 million or several times higher than in 2015, and life insurers made profits totaling EUR 1.785 million as opposed to a loss in 2015.

It should be mentioned that there are the following subsidiaries of the Austrian insurance company Vienna Insurance Group on the Latvian market: InterRisk Vienna Insurance Group , Compensa Vienna Insurance Group ADB Latvijas filiale and the life insurer Compensa Life Vienna Insurance Group SE Latvijas filiale . The insurance intermediary Eurolife Latvia offers many products and plans on capital-forming life and accident insurance from the Austrian company Grazer Wechselseitige Versicherung.

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