Baltic, Financial Services, Insurance

International Internet Magazine. Baltic States news & analytics Wednesday, 16.01.2019, 16:39

Ergo insurer posts EUR 1.7 mln in Q1 Baltic profit

BC, Riga, 16.05.2018.Print version
Ergo insurance group closed the first quarter of 2018 with EUR 1.71 million in Baltic profit, the company’s spokeswoman Agense Grinberga told LETA.

The amount of insurance premiums written by Ergo in the Baltic states grew by 14% or EUR 7.95 million year-on-year to EUR 65.35 million in the first three months of 2018, while indemnities rose 17% or EUR 5.78 million to EUR 39.18 million.

In Latvia, the company raised premiums in non-life insurance by 24% against the first quarter of 2016, while premiums in life insurance grew 17% year-on-year.

Indemnities paid by Ergo both in life and non-life insurance in Latvia totaled EUR 10.8 million in the first quarter of 2018. Indemnities in motor third party liability (MTPL) insurance grew at the steepest rate, by 45% or EUR 800,000.

The Baltic insurance group is part of Ergo International AG, one of Europe's largest insurance companies with headquarters in Dusseldorf. Its key shareholder is the multinational reinsurance company Munich Re.

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