Baltic, Financial Services, Insurance
International Internet Magazine. Baltic States news & analytics
Friday, 29.03.2024, 11:46
If P&C Insurance posts EUR 7.2 mln in H1 profit in Baltics
Gross premiums in the three Baltic countries totaled EUR 71.6 million,
growing 3% from the first six months last year. The Latvian branch underwrote
premiums for EUR 15 million as opposed to EUR 16 million in premiums in the
first half of 2016.
The combined ratio for the first half of 2017 in the Baltic states was 90%
(90.7% in the first half of 2016), the loss ratio was 65.3% (65.3% in the first
half of 2016) and the expense ratio was 24.8% (25.4% in the first half of
2016).
"Despite the growing claims paid, in particular in vehicle insurance,
in all Baltic states, If showed good
and stable financial results in the first half of 2017. Growth was moderate in
the first six months, mostly due to the market conditions unfavorable for us in
Latvia at the beginning of the year. However, growth has been observed in all
three countries since spring," said Andris
Morozovs, IF's CEO and the Head
of Baltic Operations.
He said the number of customers had remained stable this year, growing
slightly in Lithuania and Latvia but decreasing a little in Estonia.
In the first half of 2016 If
posted EUR 6.7 million in profit in the Baltic states.
If P&C Insurance AS is fully owned by the leading Nordic non-lIfe insurance group If
P&C Insurance Holding Ltd, which is owned by Sampo Plc., a Finnish
listed company on the Helsinki Stock Exchange. If P&C Insurance AS is registered in Estonia and also operates
branches in Latvia and Lithuania.