Financial Services, Good for Business, Insurance, Latvia

International Internet Magazine. Baltic States news & analytics Wednesday, 21.02.2024, 13:34

BTA non-life insurer posts EUR 7.67 mln in H1 profit

BC, Riga, 01.09.2020.Print version
BTA Baltic Insurance Company (BTA) made a EUR 7.674 mln profit in the first six months of 2020, which is an increase by 30% against the same period last year, the company’s financial report shows.

The company's pre-tax profit in the reporting period reached EUR 8.2 mln, including EUR 3.7 mln in Latvia, EUR 3.1 mln in Lithuania and EUR 1.3 mln in Estonia.

 

In January-June 2020, BTA grossed EUR 106.711 mln in insurance premiums, down 5 % on year, while gross indemnities dropped 17 % to EUR 60.144 mln.

 

In Latvia, the insurer's gross premiums dropped 2.9% on year to EUR 41.179 mln in the six months of 2019, and indemnities declined 22.1 % to EUR 30.198 mln.

 

During the first six months of 2020, BTA grossed EUR 34.1 mln in mandatory motor third party liability (MTPL) insurance premiums, motor own damage (MOD) insurance followed with EUR 25.6 mln, and health insurance with EUR 17.7 mln.

 

In Latvia, health insurance premium subscription reached EUR 15.2 mln, MOD insurance - EUR 7.9 mln, and MTPL insurance - EUR 5.5 mln.

 

At the same time, BTA paid EUR 22.8 mln in indemnities in MTPL insurance, down 3.3%, followed by MOD insurance with EUR 14.4 mln, down 6.7%, and health insurance with EUR 9.1 mln, down 7.5%.

 

In Latvia, the biggest indemnities were paid in health insurance - EUR 8 mln, followed by MOD with EUR 5 mln, and MTPL with EUR 4.8 mln.

 

BTA reported EUR 5.904 mln in profit for the first six months of 2019.

 

The key owner of BTA non-life insurer is Vienna Insurance Group (90 %).






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