Baltic, Financial Services, Insurance

Premiums written in the three countries increased by 8.6% to 133.2 million euros, the company said in a press release on Wednesday.

"Last year saw a lot of changes in the Baltic insurance market. The shareholder structure of some competitors changed and mergers between companies took place and are still taking place. These changes had an impact both on insurance companies' day-to-day operations and on their results," said Andris Morozovs, head of If's Baltic operations.

"Also, claim payments in all major insurance products, especially mandatory motor third-party insurance, have increased lately. As a result of this, we observe a decrease in the insurance market's profitability," he said.

If's Lithuanian branch posted a 12.2% increase in premiums written to 30.4 million euros.

Zaneta Stankeviciene, If's director for Lithuania, attributed the increase in premiums to the company's strategy to focus on disciplined risk management, operational efficiency and customer value creation. Favorable weather conditions and the improving economic situation also helped achieve the growth.

If is owned by the Scandinavian insurer If P&C Insurance Holding, which is part of the financial group Sampo.