Baltic, Financial Services, Insurance

International Internet Magazine. Baltic States news & analytics Monday, 16.07.2018, 01:54

If P&C Insurance posts EUR 7.2 mln in H1 profit in Baltics

BC, Riga, 10.08.2017.Print version
If P&C Insurance AS (If) in Estonia and its Latvian and Lithuanian branches earned a profit of EUR 7.2 million in the first half of this year, which is a rise by about 7% from the same period last year, the company reported LETA.

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.

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