Baltic, Financial Services, Insurance

International Internet Magazine. Baltic States news & analytics Friday, 29.03.2024, 12:41

Ergo premiums in Baltics reach EUR 77.6 mln in H1

BC, Riga, 26.08.2014.Print version
Insurance company Ergo has increased its amount of premiums, profit and market share in the Baltic States in the first half of 2014, reports LETA.

According to the International Financial Reporting Standards (IFRS), the amount of Ergo premiums in the Baltic States exceeded EUR 77.6 million in the first half of 2014. Meanwhile, the company's profit reached EUR 2.5 million. This is a significant increase, as compared to EUR 0.14 million in January-June 2013, according to the company's press release.

 

"The increase in profit is due to the company's improved efficiency, mainly thanks to the reduced loss ratio for non-life insurance policies. The amount of premiums was mainly facilitated by life and health insurance policies, while cooperation with banks facilitated the amount of life insurance policies issued by Ergo. Other companies' growing demand for health insurance policies for their employees facilitated an increase of Ergo health insurance market share by 19.7% in Baltics," CEO of Ergo in the Baltic States, Kestutis Bagdonavicius informed the press representatives.

 

The amount of premiums in Latvia in the first half of 2014 reached EUR 19.4 million – a 15.1% increase year-on-year. The increase in premiums was mainly facilitated by commercial property and automobile insurance policies OCTA and KASKO, as well as life insurance policies. Ergo health insurance market share in Latvia reached 19% in the first half of 2014, allowing the company to maintain its leader positions.






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