Financial Services, Insurance, Latvia
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Friday, 26.04.2024, 07:25
Latvia's Balcia Insurance posts pre-tax profit of EUR 268,400 for Q1
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The company underwrote EUR 33.527 mln in gross premiums in the first quarter of 2017, which is a growth by 26% y-o-y, while gross claims paid increased 33.3% to EUR 9.726 mln.
The above figures include EUR 1.153 mln in gross premiums underwritten in Latvia and EUR 1.922 mln in gross claims paid in Latvia.
The largest amount or EUR 16.244 mln were received in premiums for motor third party liability (MTPL) insurance, which is a rise by 99.5% from the first quarter of 2016, while premiums in property insurance amounted to EUR 13.604 mln, down 12.7% y-o-y.
The largest amount paid in claims also was for MTPL insurance – EUR 6.846 mln, or by 61.1% more than in the first quarter of 2016. Claims paid under property insurance totaled EUR 1.993 mln, decreasing 25.4% from the first three months in 2016.
Balcia Insurance reported a pre-tax profit of EUR 102,431 for the first quarter of 2016.
The company has branches in Germany, the United Kingdom, France and Poland.
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