Baltic, Financial Services, Insurance

International Internet Magazine. Baltic States news & analytics Friday, 29.03.2024, 12:25

BTA insurance group posts EUR 6.2 mln in 9-month profit

BC, Riga, 01.12.2015.Print version
The companies of the BTA group – the newly-established subsidiary BTA Baltic Insurance Company (BTA Baltic) and the parent company BTA Insurance Company SE (BTA) – earned a profit of EUR 6.2 million in the first nine months of the year 2015, reports LETA.

The companies of the BTA group in the Baltics and abroad subscribed a total of EUR 131.3 million in gross insurance premiums in January-September 2015 or roughly the same amount as in the first nine months of 2014, BTA said in a press release.

 

The financial results of BTA Baltic for the third quarter of 2015 show that the amount of premiums subscribed in Latvia, Lithuania and Estonia has remained unchanged year-on-year. BTA Baltic subscribed gross premiums for EUR 29.4 million in the third quarter of this year. The amount of premiums in optional insurance is growing, and the share of compulsory insurance in the total amount of premiums subscribed is shrinking. Gross premiums subscribed by BTA Baltic in the third quarter of 2015 increased 11% year-on-year in motor own damage (MOD) insurance, 19% in health insurance, 6% in property insurance and 3% in accident insurance.

 

Insurance indemnities paid out by BTA Baltic in the third quarter of 2015 totaled EUR 16.5 million, up 17% from the same period in 2014, due to the growing number of road accidents and the increasing cost of medical services and car repairs.

 

Regardless of the rise in insurance indemnities, BTA Baltic made a profit of EUR 2.3 million in the third quarter of 2015. Through restructuring of administrative processes and segmenting of the insurance market, the company's operations were profitable in all three Baltic States.

 

The third-quarter results of the BTA group and BTA Baltic demonstrate successful implementation of the business strategy to restructure operations based on the geographical location, said Janis Lucaus, the board chairman of BTA.

 

After the reorganization, BTA continued developing its business outside the Baltic states and in the first nine months of 2015 achieved a growth of insurance premiums year-on-year in France, Poland and Spain.

 

BTA is the only Latvian insurance company that exports financial services.

 

Founded in 1993, BTA gradually expanded its operations also outside Latvia and became BTA Insurance Company SE in 2011. In October 2104, the company started restructuring its business based on the geographical location. A subsidiary, BTA Baltic Insurance Company, was established to provide insurance services in the Baltic countries, and BTA Insurance Company SE will ensure business development in other European countries.






Search site