The volume of gross insurance premiums written by BTA Baltic Insurance Company AAS (hereinafter – BTA) in 2022 in the Baltic States reached 262 million euros, which is by 20% more compared to the same period in 2021. The volume of insurance claims paid out by BTA reached EUR 164.6 million euros, which is by 23% more than in 2021.

“Year 2022 was challenging year for many industries. In the beginning of the year companies in Europe started to enjoy having less Covid-19 restrictions, but then we all got shocked with news of the war in Ukraine. This situation affected many industries and fast rising interest rates, and the price inflation created new economic environment where businesses had to adapt to new “rules of the game”. BTA had and will undertake flexible measures to adapt to inflation and continue to improve both internal and external processes. Although last year was challenging it also brought us new insights and innovations. For instance, we continue to pay close attention to Customer centricity approach, and we see that in the future more and more products will have to be evaluated and adapted to the needs of customers. This period of time shows everyone that new digital solutions are here to stay, and we will have to adapt to customers’ needs and create new digital solutions to make insurance simpler and more accessible to clients” saysBTA Management Board Chairman Wolfgang Stockmeyer.

The total volume of BTA's gross written premiums in the Baltics in 2022 reached 262 million euros, which is 20% more than in the same period of 2021 – 218.8 million euros. In Lithuania, the amount of gross insurance premiums reached 140.7 million euros (+26%), while in Estonia the amount of gross written premiums was 30.6 million euros (+15%). The volume of gross written premiums in Latvia increased by 13%, compared to 2021, and reached 90.7 million euros.

In 2022, the largest volume of BTA Baltics gross written premiums was compulsory motor vehicle owners’ third-party liability insurance (MTPL) – 75.5 million euros, which is by 20% more than in 2021. In CASCO insurance type, which is in the second place, BTA gross premiums amounted to 61.7 million euro and is 18% more than a year earlier. The third largest insurance type in BTA Baltic portfolio according to gross written premiums in 2022 is Property insurance – 44.2 million euros, which is by 17% more than in 2021.

“Although 2022 was a challenging year, BTA was successful in reaching its financial goals and continued investing in innovations, sustainability and in our most important asset – our employees. We believe that a strong team is the key to a strong company and that we can find the best solutions for taking care of our clients,” emphasizes W. Stockmeyer.

The largest type of insurance of BTA Latvia by the amount of gross written premiums in 2022 was Health Insurance, reaching 22.8 million euros, which is 5% more than in 2021. The second largest type in Latvia last year was Property insurance, where gross premiums of 22.8 million euros were written, which is 16% more than a year ago. The third place in 2022 was CASCO, in which the volume of gross written premiums amounted to 18.8 million euros thus it is by 14% more than in 2021. The amount of gross written premiums in MTPL increased by 31% and reached 13 million euros in 2022.

In Lithuania, the most significant part of BTA gross written premiums were MTPL type with 56.0 million euros, which is 19% more than in 2021. The second largest type of insurance in Lithuania by the amount of gross written premiums is CASCO with 34.6 million euros, which is 29% more than a year ago, while the third largest is Property insurance – 15.6 million euros, which is 15% more than in 2021.

By the amount of gross written premiums, the largest type of insurance in Estonia last year is CASCO, reaching 8.3 million euros, which is 8% less than in 2021, followed by MTPL with 6.5 million euros and that is 4% more than a year ago. The third largest type in Estonia is Property insurance, in which gross written premiums amounted to 5.8 million euros, demonstrating an increase of 25% compared to 2021 data. A significant increase was achieved in the voluntary Health insurance, in which the amount of gross written premiums in 2022 was 5.0 million euros, which is 59% more than a year ago.

The volume of BTA Baltic insurance claims paid in 2022 reached 164.6 million euros, which is a 23% year-on-year increase. The largest amount of insurance claims was for MTPL insured events amounting to 51.1 million euros (+10%), followed by CASCO with 42.0 million euros (+14%), as well as Health insurance with 32.1 million euros (+31%).

The pre-tax profit of BTA Baltic in 2022 amounts to 10.5 million euros, a 10% year-on-year increase. In Latvia, BTA pre-tax profit amounted to 2.7 million euros, in Lithuania – 7.4 million euros, while in Estonia BTA had losses of 0.4 million euros.

About BTA
BTA Baltic Insurance Company is one of the leading insurance companies in the Baltics, offering the broadest range of non-life insurance services in Latvia, Lithuania, and Estonia. BTA employs more than 1,000 employees in the Baltics. The sole shareholder of BTA is Vienna Insurance Group AG (VIG), the leading insurance group both in Austria and in the entire Central and Eastern European (CEE) region. Around 50 insurance companies in 30 countries form a Group with a long-standing tradition, strong brands, and close customer relations. The more than 25,000 employees in the VIG take care of the day-to-day needs of more than 22 million customers. VIG shares have been listed on the Vienna Stock Exchange since 1994. The VIG Group has an A+ rating with stable outlook by the internationally recognised rating agency Standard & Poor's. VIG cooperates closely with the Erste Group, the largest retail bank in Central and Eastern Europe.

Additional information:
Elīna Zvejniece
Marketing and Public Relations Department Director 
BTA Baltic Insurance Company AAS
e-mail elina.zvejniece@bta.lv 
phone: +371 66936074, mobile: +371 29374827