Analytics, EU – Baltic States, Financial Services, Insurance, Lithuania

Over the year, the largest increase in assets was observed in the Bank of Lithuania – EUR 2.0 billion (32%), pension funds for the accumulation of part of the state social insurance contribution (Pillar II pension funds) – EUR 290.6 million (18.4%), while decrease – financial leasing enterprises and management enterprises – EUR 4.5 million each (0.4 and 18.6% respectively).

In 2014, commercial banks earned EUR 358.3 million of net interest income, which is by 4.4% less than in 2013. Activity of commercial banks was profitable – net profit earned by commercial banks totalled EUR 206.8 million (in 2013, the banks sustained EUR 180.2 million of losses).

In 2014, the income of financial leasing enterprises totalled EUR 59.1 million, which is by 23% less than in 2013. It was to a great extent influenced by structural changes in the activity of financial leasing, yet in 2014 and 2013, activity of financial leasing enterprises was profitable: in 2014, profit earned totalled EUR 16.1 million; in 2013, EUR 28.8 million. At the end of 2014, the value of financial leasing contracts equalled EUR 1.1 billion, or by 23.6% more than in 2013.

In 2014, gross life insurance premiums written amounted to EUR 250.1 million: those written by life insurance enterprises – EUR 157.6 million, those written by the branches of the insurance enterprises of other European Economic Area (EEA) countries – EUR 92.6 million, i.e. they occupied, respectively, 63 and 37% of the insurance market. Against 2013, gross life insurance premiums written increased by 16.4%. In 2014, gross non-life insurance premiums written amounted to EUR 435.7 million: those written by non-life insurance enterprises – EUR 230.6 million, those written by the branches of the insurance enterprises of other EEA countries – EUR 205.0 million, i.e. they occupied, respectively, 52.9 and 47.1% of the non-life insurance market. Against 2013, gross non-life insurance premiums written increased by 15.4%. In 2014, net profit earned by life insurance enterprises totalled EUR 16.9 million, or by 58.7% more than in 2013. In 2014, non-life insurance enterprises sustained losses of EUR 5.2 million, while in 2013, such enterprises earned profit of EUR 7.1 million.

In 2014, pension funds for the accumulation of part of the state social insurance contribution (Pillar II pension funds) received EUR 181.4 million of pension contributions, or by 32.2% more than in 2013. Against 2013, the amount of pension contributions received by supplementary voluntary pension accumulation funds (Pillar III pension funds) increased by 47.2% and totalled EUR 10.1 million. The number of participants in Pillar II pension funds grew by 3.5% and totalled 1156.6 thousand at the end of 2014. Over the year, the number of participants in Pillar III pension funds grew by 16.6% and totalled 39.9 thousand at the end of 2014. In 2014, investment activity of both Pillar II and Pillar III pension funds was profitable: their profits totalled, respectively, EUR 125.1 and 2.8 million (in 2013, activity of such funds was also profitable: their profit totalled, respectively, EUR 56.8 and 2.0 million).

The information provided is based on the statistical data provided by enterprises, including enterprises in bankruptcy and under liquidation, which had not fully terminated their activity, and data provided by the Bank of Lithuania.