Baltic, Financial Services, Insurance

The first-quarter profit this year has decreased compared to the first quarter in 2015 when If P&C Insurance reported a profit of EUR 5.2 million.

In January-March this year the insurer raised gross premiums in the Baltic market to EUR 36.3 million from EUR 35.5 million in the first three months of 2015. The Latvian branch reported EUR 9.2 million in gross premiums in the first quarter of 2016 compared to EUR 8.6 million in the first quarter last year.

The combined ratio of If P&C Insurance in the Baltic states in the first three months of this year was 91.0% (previously 84.3%), the loss ratio was 66.6% (previously 57.5%), and the expenditure ratio was 24.5% (previously 26.8%).

"Although the profit has decreased somewhat from the first quarter of last year, the results of the first three months this year are good,” said Andris Morozovs, CEO of If P&C Insurance. He said that a rise in claims had been observed at the beginning of the year because of increased number of road accidents caused by poor condition of roads and cold weather in January.

In 2015, If P&C Insurance insurance company in Estonia and its subsidiaries in Latvia and Lithuania showed EUR 20 million profit which was a growth from the 2014 profit of EUR 17 million. Gross premiums in the Baltic market increased to EUR 133.2 million in 2015 from EUR 122.6 million in 2014. The Latvian branch reported EUR 28.1 million in gross premiums for 2015, unchanged year-on-year.

If P&C Insurance has more than 330,000 customers in the Baltic States. It belongs to the Scandinavian non-life insurance group If P&C Insurance Holding Ltd owned by Sampo Plc.