Banks, Financial Services, Insurance, Lithuania

International Internet Magazine. Baltic States news & analytics Thursday, 28.03.2024, 23:52

Lithuanian insurers post EUR 13.4 mln losses for 2015

BC, Vilnius, 12.04.2016.Print version
Lithuanian insurance companies posted 13.4 million euros in combined losses for 2015, versus 24 million euros in profits for 2014, the Bank of Lithuania informed LETA/BNS.

The market regulator attributed the negative result for 2015 to a one-off factor, which was a loss of around 21 million euros due to the transfer of the insurance portfolio investment of the Estonian branch of Codan Forsikring, which was acquired by PZU Lietuva (now Gjensidige) in 2014.

 

Excluding the effect of the deal, insurance companies would have posted 7.7 million euros in aggregate profits, it said.

 

Non-life insurers last year suffered 23.5 million euros in combined loses, versus 7.1 million euros in profits in 2014. Life insurers' profits dropped to 10.1 million euros, down 40.2% from 16.9 million euros a year earlier.

 

Two life insurers and two non-life insurers operated at a profit in 2015 and three companies in each segment ended the year in the red.

 

The sector's losses from investment activities last year reached 13.8 million euros. However, excluding business restructuring and acquisition deals, the result was a profit of 7.3 million euros.

 

The sector's profits from insurance activities last year slumped down to 2.2 million euros, from 14.4 million euros in 2014.

 

There were 10 registered insurance companies in Lithuania at the end of 2015.

 






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