Baltic, Financial Services, Insurance

During 2015, ERGO made indemnity payments worth 98 million euros in the Baltics, approximately 19.5% more than in 2014. The biggest individual payout was nearly 1.5 million euros paid out in connection with a fire in Lithuania. The biggest claim related to a fire in Estonia was 450,000 euros. In Latvia the biggest payout, totaling over 340,000 euros, was related to building insurance, ERGO said in a press release.

In non-life insurance, life and health insurance the market share of ERGO expanded from 12.6% to 13.5%.

"Relying on our ambitious organic growth strategy, we achieved excellent results in all the Baltic countries and ERGO's growth has been faster than growth of the market in all our business areas. In non-life insurance the increase in premiums was driven mainly by motor insurance," the manager of the Baltic companies of ERGO, Kestutis Bagdonavicius, said.

In life and medical insurance growth was achieved thanks to annuities in Estonia, insurance sold via banks in Latvia and health insurance in Lithuania. Along with the increase in life insurance volumes, also the size of the investment portfolio has grown substantially.