Financial Services, Insurance, Latvia

For comparison – in the first quarter last year, Balta earned EUR 6,000.

"Balta's profit increased this year, mainly thanks to a significant increase in volume, as well as improvements and reduction of costs. In order to achieve this, we suffered additional losses last year, writing off assets in the amount of EUR 1.4 million. Evidently, this step has already provided us with results, and we hope to stay lucky also in the future," the company's CEO Bogdan Benczak.

Balta points out that in the first quarter, it has grown by 32%, which is a higher indicator than that of the total Latvian insurance market. The portfolio transfer agreement with PZU Lietuva subsidiary in Latvia provides a significant contribution to the company's growth.

PZU Group became Balta's shareholder on June 2014.