Financial Services, Insurance, Latvia
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Tuesday, 16.04.2024, 10:27
Latvian insurer Balta posts EUR 542,000 in profit in H1
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This is thanks to the company's cost reductions over the past several years and a substantial increase in the amount of premiums that reached EUR 33.4 million in the first half-year, a 28% increase on the same period in 2014. This is also a significantly higher increase than the sector's average – 7%.
In January-June, Balta paid EUR 17.3 million in compensation, which is 28% more than in January-June last year.
According to the Latvian Insurers' Association and Financial and Capital Market Commission's data, Balta had the largest share of the non-life insurance market in Latvia in the first half of the year – 24%.
Balta's parent company, the PZU Group in Poland posted EUR 2.15 billion in premiums in January-June, an 8.2% increase year-on-year.
Balta posted EUR 1.056 million in losses in 2014 and a loss of EUR 2.247 million in 2013.
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