Financial Services, Insurance, Latvia

In the first quarter of this year, Balta subscribed EUR 19.6 million in gross premiums or by EUR 2.3 million more than in the respective period last year. This ensured a 13% growth for the company, even though the sector’s growth was 5.3% in the first quarter of 2016.

Balta said that despite the pressure on prices caused by competition, the biggest impact was left by net profit improvement because of reduction of claims. In the first quarter, the number of large claims worth over EUR 60,000 was considerably lower.

Balta board chairman Bogdan Benczak said in a statement to the press that demand for insurance service in Latvia is increasing which means that people are becoming aware of insurance as their personal risk management that has to be planned and managed. It also means new challenges for the insurance sector in general and insurers should be able to offer innovative and individually adapted solutions.

In June 2014, Polish insurer Powszechny Zaklad Ubezpieczen S.A. (PZU) became the sole owner of Balta.

In 2015, Balta posted EUR 1.2 million in audited profit.