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International Internet Magazine. Baltic States news & analytics Thursday, 25.04.2024, 16:55

BTA non-life insurer posts 4.187 mln euros in H1 profit

BC, Riga, 30.08.2018.Print version
During the first six months of 2018, BTA Baltic Insurance Company (BTA) generated 4.187 mln euros in profit, which was by 2.8% more than a year ago, informs LETA.

In the first half of 2018, BTA grossed 108.794 mln euros worth of insurance premiums, up 32.3% against the same period last year, and paid 56.657 mln euros in indemnities, up 43.1% year-on-year.

In Latvia, BTA premiums subscription in the first six months of this year reached 41 mln euros in contrast to 28.5 mln euros last year. In Lithuania premium subscription rose 26.4%, and in Estonia – 25.6%.

The company’s profit in Latvia tripled to 1.8 mln euros, in Lithuania it increased by 12.1% to 3.7 mln euros, while the company in Estonia sustained loss worth 1.3 mln euros.

In Latvia, health insurance lead by premium subscription with 3.9 mln euros (up 55.8%), followed by voluntary transport vehiche insurance with 8 mln euros (up 36.5%), and mandatory motor third party liability (MTPL) insurance with 7.9 mln euros (up 80.6%).

BTA paid 27.2 mln euros in indemnities, which is by 79.9% more than in the first six months of 2017. The largest amount or 8.3 mln euros was paid for MTPL insurance (up 117.5%), health insurance – 7.4 mln euros (up 0.9%), and land transport vehicle insurance – 6.3 mln euros (up 71.6%).

After InterRisk was merged with BTA at the end of 2017, the company’s market share in the Baltic states increased by 2percentage points to 15%.

BTA closed 2017 with an audited profit of 7.792 euros, growing fourfold against 2016. The key shareholder of BTA is Austria's Vienna Insurance Group (90%).


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