Compensa Vienna Insurance Group’s income in the Baltic countries grew by 19 percent last year.

Compensa Vienna Insurance Group, the leading non-life insurance company operating in the Baltic States, in 2023. maintained the direction of growth. The company’s income from insurance services amounted to 236.8 million. euros – 19 percent. more than in the previous year, when it reached 199.2 million. euros.

In Lithuania, 108 million were reached in 2023. EUR (2022 – EUR 86.9 million) income, in Latvia – EUR 72.6 million. euros (62.9 million euros in 2022), in Estonia – 56.2 million euros (in 2022 – 49.4 million euros). Accordingly, last year Compensa’s income in Lithuania was 45.6%, in Latvia – 30.7%, and in Estonia – 23.7%. insurance service income.

The company’s increased business volumes, disciplined insurance process and increased operational efficiency also had a positive impact on profitability. The results of Compensa insurance services increased from 6.3 million euros in 2022 up to 10.7 million euros in 2023, generating 8.2 million EUR profit before taxes in 2023.

“Compensa increased both its sales and profitability last year. We achieved these results despite the growing claims inflation, rising insurance prices and the largest catastrophic natural phenomenon recorded so far – the summer hail, which severely affected all three Baltic countries and caused approximately 8 million worth of damage. euros. I am glad that the focused team was able to demonstrate results that we can be rightly proud of under these conditions. In addition, it demonstrates the effectiveness of our Compensa24 strategy program initiatives,” says Deividas Raipa, Chairman of the Board of Compensa Vienna Insurance Group.

D. Raipa points out that for the third year in a row, Compensa Vienna Insurance Group has entered the list of financial sector leaders compiled by Verslo žinios. When compiling it, income, pre-tax profit, their annual change, profitability, its share per employee, average salary and the average number of employees of the company were assessed.

“In 2024, we continue to see opportunities in the markets of the Baltic countries, so we will continue to develop attractive offers for our existing and potential users to “protect what is important”. But we also have to respond to risks, such as a likely second wave of inflation due to geopolitical tensions and more expensive supply chains, he says.

The company occupied 11.1 percent last year. non-life and health insurance markets in the Baltic countries. Compared to 2022, this share has increased by 0.2 percentage points. In individual Baltic countries, according to the types of non-life insurance among all insurers (including non-life products of life insurance companies), the market share in Latvia reached 12.2 percent, in Estonia – 10.7 percent, and in Lithuania – 10.6 percent.

Compensa Vienna Insurance Group successfully implemented the new financial accounting standards IFRS17/9 last year; comparative information from previous years has been adjusted accordingly. Compensa has recertified its environmental management system according to ISO 14001.