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VIG invests EUR 15 million into BTA’s solvency capital

21 Jun 2022
All news

VIG invests EUR 15 million into BTA’s solvency capital

21 Jun 2022

In order to continue its growth and to strengthen its leading market position, the shareholder of BTA Baltic Insurance Company AAS (hereinafter — BTA) – Vienna Insurance Group AG (hereinafter — VIG) invests EUR 15 million into BTA’s solvency capital. 

Despite the unpredictable financial and geopolitical situation, the pandemic and restrictions that followed, BTA continues successful growth and continues to focus on long term development. Company continues strengthening its insurance portfolio by diversifying and increasing the ratio of voluntary insurance types, in particular Property, CASCO and Personal accident insurance types. VIG – the biggest insurance group in the Central and Eastern Europe – trusts in the prosperous development of Baltic markets and BTA’s long term strategy, therefore it invests EUR 15 million into BTA’s solvency capital. 

The Chairman of BTA Management Board Wolfgang Stockmeyer comments: “BTA has strong financials and robust financial position. The company is well equipped to face and successfully overcome any challenges that the macroeconomic situation and the market may throw our way. BTA will undertake flexible measures to adapt to it and continue to improve both internal and external processes. These are the key conditions for even higher long-term achievements. However, it is also reassuring for BTA and its customers to know that BTA has a very strong shareholder with substantial financial resources and that it is ready to invest in BTA’s long-term development.”

BTA continues to hold strong financial position despite the political and financial challenges in Europe. The total volume of BTA's gross written premiums in the Baltics in 2021 reached 220.3 million euros, which is 6% more than in the same period of 2020 – 208.5 million euros. The pre-tax profit of BTA Baltic in 2021 amounts to 9.6 million euros, a 32% year-on-year decrease. 

 

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 with close to 200 years of experience in the insurance business. With about 50 companies in 30 countries and more than 25,000 employees, Vienna Insurance Group is a clear market leader in its Central and Eastern European markets, and takes care of more than 22 million customers. Vienna Insurance Group is the best-rated company of ATX, the leading index of Vienna Stock Exchange (since 1994) with a rating of A+ with stable outlook from Standard & Poor’s; its share is also listed on the Prague Stock Exchange. Vienna Insurance Group works in close partnership with Erste Group – the largest retail bank in CEE.

Additional information:
Elīna Zvejniece
Marketing and Public Relations Department Director
BTA Baltic Insurance Company AAS
e-mail elina.zvejniece@bta.lv

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