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Thursday, 25.04.2024, 02:04
Gjensidige posts EUR 4.5 mln loss in Baltics for H1
BC, Tallinn, 15.07.2016.
Print version
Print versionThe Norwegian insurance group Gjensidige that acquired the Lithuanian insurer PZU Lietuva at the beginning of the year made a loss of 41.4 mln Norwegian kroner or approximately 4.5 mln euros in the Baltic countries in the first half of 2016, writes LETA/BNS.
The result was negatively affected by several medium-sized frequency claims and investments related to integration, Gjensidige said in its interim report.
In the first six months of 2015 Gjensidige sustained a loss of 17.8 mln Norwegian kroner in the Baltic countries.
Premiums increased to 522.0 mln kroner from 247.8 mln kroner in the first half of 2015, driven by the PZU Lietuva acquisition.
Claims incurred amounted to 371.0 mln kroner, compared with 185.0 kroner the year before. Of the increase, 15.1 mln kroner was related to currency effects. The loss ratio was 71.1%, compared with
74.7 % in the first half of 2015. The loss ratio was negatively affected by a number of medium sized claims in property and motor insurance.
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