Latvian insurers’ January-June 2022 aggregate GWP (local and EU branches, summed-up) expanded by more than 20% to almost EUR 490 million, while the amount paid claims and indemnities increased by 29% y-o-y to EUR 321.5 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 37.5% – EUR 183.5 million, or 21.5% more y-o-y, the remaining EUR 306 million +~20% y-o-y) being generated by the local insurers.
According to XPRIMM half-year report, at the end of June 2022, there were 4 non-life insurance companies and 2 life insurance companies operating in Latvia, as well as 12 branches of foreign insurers (7 non-life and 5 life units).
In terms of GWP, the largest life insurer in the country is SEB Life and Pension Baltic SE (GWP of EUR 44.4 million, 36.6% market share), while BTA Baltic Insurance Company led the non-life ranking with GWP worth EUR 132.3 million or 35.9% market share.
According to the presented figures, end-June 2022 insurers’ aggregate net profits more than halved from EUR 18.06 million to EUR 8.16 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 12 EU branches active on local market.
Per business lines, the two local life insurance companies (SEB Life and Pension Baltic SE and CBL Life) posted aggregate net loss worth EUR -4,234 (vs. profit worth EUR 8.72 million a year before), while the profits reported by the four local general insurers decreased to EUR 8.16 million vs. EUR 9.34 million in June 2021.