Financial Services, Insurance, Lithuania

Losses resulted from a one-off factor – a 21-million-euro loss from the transfer of insurance portfolio investment of the Estonian branch of Codan Forsikring acquired by PZU Lietuva last year. Excluding this effect, the aggregate profit of the insurers would have amounted to 8 million euros.

In January through September, the insurance market, as measured by premiums written, grew by an annual 6.9% to 463.5 million euros. The data covers domestic insurance companies and Lithuanian branches of foreign insurers.

“The growth of both insurance segments – life assurance and non-life insurance – resulted in the historically largest amount of insurance premiums. However, the fast growth of life assurance segment has slowed down this year whereas the non-life insurance segment has accelerated after this year’s slow start,” Mindaugas Salcius, deputy director of the central bank’s Prudential Supervision Department, said in a press release.

The life assurance segment grew by an annual 11.1%, to 157.4 million euros, in the nine months. Unit-linked life assurance premiums increased by 13.9% to 109.6 million euros.

The non-life insurance segment grew by 4.9% in the reporting period, to 306 million euros. CASCO insurance premiums, property insurance premiums and health insurance premiums increased by 7.5%, 11.5% and 15.8%, respectively.