Financial Services, Insurance, Latvia

After posting loss for several successive years, Balta succeed to break into the black in 2015. For example, previously it showed a loss of more than EUR 1 million in 2014, and a loss of EUR 2.2 million in 2013.

Balta's premiums earned in 2015 totaled EUR 60.48 million, up 22% from EUR 49.66 million in premiums earned in 2014.

Net claims paid in 2015 amounted to EUR 37.28 million compared to EUR 29.9 million in 2014.

Net operating expense last year increased to EUR 20.76 million from EUR 18.95 million in 2014.

Gross premiums subscribed by Balta in 2015 reached EUR 67.17 million. Most of the premiums subscribed last year or EUR 20.64 million were for motor vehicle insurance, premiums in property insurance against damage by fire or natural disasters added up to EUR 11.23 million, premiums in health insurance were subscribed for EUR 11.21 million, premiums in mandatory Motor Third Party Liability insurance totaled EUR 9.3 million and premiums in property insurance against other damage amounted to EUR 5.79 million.

Balta's combined ration was 98.5% at the end of 2015.

In 2014 Balta was acquired by Polish insurance company PZU, which merged the operations of Balta and the Latvian branch of PZU Lietuva in 2015.