Analytics, Financial Services, Lithuania

Swedbank Life Insurance' Lithuanian branched bolstered its position over a year, and Lietuvos Draudimas' market share shrank.

Lietuvos Draudimas received non-life insurance premiums worth 191.784 million euros, down 10.2% over a year, and its market share stood at 30.5%, a drop of 0.5 percentage points.

The Lithuanian branch of Latvian insurance company BTA Baltic Insurance Company, part of the Austrian Vienna Insurance Group, received insurance premiums worth 103.884 mln euros, up 19.3%, and its market share rose 1 percentage point to 16.5%.

Compensa Vienna Insurance Group, also part of the Vienna Insurance Group, and Compensa Life Insurance's Lithuanian branch received 52.526 mln euros in premiums, up 10.1%, and thei market shares shrank 0.2 and 8.3% respectively.

The Vienna Insurance Group also took over Seesam Insurance last year. Its branch in Lithuania received premiums worth 17.932 mln euros, up 10.4%, and its market share inched down 0.1 percentage points to 2.8%.

The total market share of all non-life insurance companies in Lithuania, owned by the Vienna Insurance Group, stood at 27.6%.

Ergo Insurance' Lithuanian branch and Ergo Life Insurance, the two companies that belong to the German Ergo group, received 97.133 mln euros in non-life insurance premiums, down 16.1%, and their market share grew 0.5 percentage points to 15.4%.

Swedbank Life Insurance's Lithuanian received 55.342 mln euros in life insurance premiums last year, up 11.4% from 2017, and its market share stood at 22.3%. Aviva Lietuva's market share stood at 19.8% as the company received 49.244 mln euros in life insurance premiums, up 1.5%. The former's market share grew 0.8 percentage points and the latter's shrank 1.2 percentage points.

SEB Gyvybes Draudimas saw is life insurance premiums grow 6.5% to 44.396 mln euros, and Compensa Life Insurance's Lithuanian branch increased premiums 16.3% to 41.15 mln euros. SEB Gyvybes Draudimas's market share inched down 0.1 percentage points to 17.9%, and that of Compensa Life Insurance's Lithuanian branch rose 1.3 percentage points to 16.6%.

The total value of insurance premiums in Lithuania, including the branches of foreign insurance companies operating in the country, rose 10.8% to 878.131 mln euros. The non-life insurance market expanded 12.2% to 629.795 mln euros, and the life insurance market grew 7.3% to 248.336 mln euros.

The Bank of Lithuania's analysts estimate that the country's insurance market will grow 5-7% to 932 mln euros this year.