Baltic, Financial Services, Insurance
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Saturday, 20.04.2024, 08:52
Ergo insurer boosts January-September profits in Baltics 43% to EUR 5.13 mln
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Insurance premiums written in Lithuania, Latvia and Estonia rose by 14% year-on-year to 134 million euros and the market share increased to 13.4%, from 12.5%, Ergo said.
"We have strengthened our position in the non-life insurance market and ensured growth in the life insurance segment," Kestutis Bagdonavicius, chairman of the management board of Ergo's Baltic insurance companies, said in a press release.
He attributed the group's improved performance results to successful growth initiatives, a stable loss ratio and reduced costs.
Claims paid to Ergo's Baltic customers rose by 13.3% year-on-year to 65 million euros. Eight insurance payments of over 250,000 euros were made during the nine months: four in Lithuania, three in Latvia and one in Estonia.
The Baltic insurance group is part of Ergo, one of Europe's largest insurance companies, which is majority owned by Munich Re, a leading global reinsurer.
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