Latvian insurers' aggregate net profits decreased by 28% to EUR 17.9 mn

Latvian insurance market totaled EUR 734.81 million at the end of September 2022, about 18.74% more y-o-y.

There were 4 non-life insurance companies and 2 life insurance companies operating in Latvia, as well as 11 branches of foreign insurers (7 non-life & 4 life).

According to FKTK figures, about 63% of total GWP were written by local insurers (EUR 460.54 million, up by 19.79% y-o-y), the remaining rest being generated by other branches of EU insurers (EUR 274.27 million, up by 17.02% y-o-y). Overall, the insurance companies paid EUR 467.28 million in claims vs. EUR 396.05 million at the end of Q3 2021.

According to the Q3 2022 market data published by the Financial and Capital Market Commission (FKTK), Latvian insurers’ aggregate net profits decreased by EUR 7 million (or by 28.2% y-o-y) to EUR 17.87 million (vs. EUR 24.90 million at the end of September 2021).

Non-life insurers closed the first nine months of 2022 with a net profit of EUR 14.22 million (vs. EUR 13.09 million a year ago), while the life insurers reported aggregate profits of EUR 3.65 million vs. EUR 11.81 million at the end of September 2021.

The technical result in life insurance entered the positive area with EUR 100.21 million vs. a negative result of EUR-30.11 million in September 2021, while in non-life line of business, the same indicator increased to EUR 12.31 million from EUR 11.88 million.

Of all six active life insurers (local and EU branches) the largest as GWP is SEB Life and Pension Baltic SE (EUR 66.91 million, market share of 36.93%). At the same time, BTA Baltic Insurance Company accounted for 34.89% of non-life market, followed by BALTA (19.59%) and BALCIA (11.36%).