Financial Services, Lithuania, Markets and Companies

In Lithuania, Norwegian insurance giant will operate through its Vital Life branch, which is already established in Vilnius. For several weeks it has offered insurance services with the help of about 200 trained DnB Nord bank speciālists, reports ELTA.

The first product – a life insurance for those who take or already have taken housing credit. In the first several weeks about 80 contracts were signed, while it is expected to have about 1,000 till the end of the year.

According to Zutautas, the member of management board of DnB Nord, the new project is more attractive and transparent for the clients. The company opened its first branch in Sweden in 2002, while last year it opened an office in Latvia, Riga, and this year in Vilnius, the possibilities of expansion into Poland are under consideration.

"Lithuanian life insurance market has a big potential – residents" incomes are rapidly increasing. Young families, having taken housing credit, after 3-4 years usually get stronger financially and it becomes easier for them to make payments, so free funds remain for investment," explained Albrechtas.

According to the preliminary estimates, last year the Lithuanian life insurance market collected payments for 695 million litas (201.28 million Euros) that is 53.5% higher than in 2006.

After the introduction of life insurance service in Lithuania, Norwegians will proceed with pension interest.