Financial Services, Insurance, Latvia, Lithuania

Last year Balta also was the largest taxpayer in the insurance sector, having paid EUR 5.4 million to the state budget.

Balta’s premiums increased by EUR 12 million or 22% in 2015, the growth rate being much faster than the overall growth in the Latvian non-life insurance market which was 6-7%.

There was growth in all Balta’s portfolios, and the company took over and maintained the portfolio of the Latvian branch of PZU Lietuva.

Last year was a successful year for the company and full of intense work. The company concluded acquisition of the Latvian branch of PZU Lietuva and integration of its insurance portfolio, assets and liabilities, thus, strengthening the leading position in the non-life insurance market.

"The growth of the existing insurance products, introduction of new insurance products, improvements of the IT and efficiency processes have helped the company to receive EUR 1.2 million in revenues despite the non-standard expenses in relation to integration in the PZU group," the company's management reported.

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.

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.