Financial Services, Insurance, Latvia, Markets and Companies

International Internet Magazine. Baltic States news & analytics Wednesday, 21.11.2018, 06:06

Balta non-life insurer posts 3.2 mln euros in H1 profit

BC, Riga, 05.09.2018.Print version
Latvia’s Balta non-life insurer, which is a member of Poland’s PZU Group, closed the first half of 2018 with 3.2 mln euros profit, up 1.21 mln euros from the respective period last year, informs LETA.

During the first half of 2018, Balta grossed 53.4 mln euros in insurance premiums, up 21% against the same period in 2017, and paid out 27.8 mln euros in net indemnities, up 19%.


"Latvia’s insurance market keeps growing at a steep pace, and we are growing along with the market. Assessing the current trends, there is a reason to hope that the insurance sector will soon catch up with the volumes it saw ten years ago before the financial crisis," said Balta board chairman Iain Kennedy.


In 2017, Balta reported 5.926 mln euros in audited profit, up 47.2% against a year before.

In 2017, Balta raised gross insurance premiums by 17.6% year-on-year to 88.922 mln euros and paid out 46.929 mln euros in indemnities, up 5.5% against 2016.


Since June 2014, Balta belongs to Poland’s Powszechny Zaklad Ubezpieczen S.A. (PZU).

 






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