Photo of Judita Grigelytė (VŽ).
The non-life insurance company Compensa Vienna Insurance Group improved its results in the Baltic countries last year.
Over the past year, the income of insurance services grew by 19%, up to 236.8 million. Eur, the company reported.
Of these, Lithuania received 108 million last year. Eur, or 24% more than in previous years. In Latvia, income grew by 15%, up to 72.6 million. Eur in Estonia – 14%, up to 56.2 million. Eur.
Increased business volume, a “disciplined underwriting process and increased operational efficiency” contributed to higher profits.
The profit of insurance services increased from 6.3 mln. EUR 2022 up to 10.7 million EUR in 2023, the company announced.
Pre-tax profit amounted to 8.2 million. EUR, when in 2022 – 3.8 million Eur.
“We achieved these results despite the growing claims inflation, rising insurance prices and the biggest catastrophic natural phenomenon recorded so far – the summer hailstorm, which severely affected all three Baltic countries and caused approximately 8 million worth of damage. Eur”, Deividas Raipa, chairman of the board of Compensa Vienna Insurance Group, is quoted in the press release.
Last year, the company increased its share of the non-life and health insurance market in the Baltic countries by 0.2 percentage points to 11.1%. In Latvia, the market share reached 12.2%, in Estonia – 10.7%, in Lithuania – 10.6%.
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Theme “Markets”
Tags: Compensa Vienna Insurance Groups Baltic pretax profit grew times
