The year-on-year growth in the volume of gross insurance premiums written by BTA Baltic Insurance Company AAS (BTA) in the Baltic States in the first six months of this year was 32.3%. The leap was particularly great on the Latvian market, where the growth was highest among the Baltic States – the volume of gross insurance premiums written by BTA in the first six months was by 43.8% larger than a year ago. Besides, BTA has operated at a 1.8 million euro profit in Latvia this year.

The volume of gross insurance premiums written by BTA in Latvia in the first six months of this year reached 41.0 million euros, compared to 28.5 million euros last year. It was the results achieved on the Latvian market deva, which accounted for the rise on the overall Baltic market, where the total volume of premiums reached 108.8 million euros (+32.3%). The volume of premiums in Lithuania increased by 26.4%, in Estonia - by 25.6%.

The pre-tax profit of BTA in the first six months of this year reached 4.2 million euros, which is by 2.8% more than last year. The profit in Latvia tripled and reached 1.8 million euros, while in Lithuania the increase in profit was 12.1%, and reached 3.7 million euros. In Estonia, there was a loss of 1.3 million euros this year. The largest volume in premiums written by BTA in the first six months of this year in Latvia was in health insurance - 13.9 million euros (+55.8 %), CASCO insurance – 8 million euros (+36.5%) and compulsory third-party liability insurance of motor vehicle owners (MTPL) insurance - 7.9 million euros (+80.6%).

BTA has disbursed 27.2 million euros in insurance indemnities in Latvia, which is by 79.9% more than in the first six months of 2017. The largest amount in indemnities BTA has paid for MTPL insured events – 8.3 million euros (+117.5%), as well as health insurance and motor own damage insurance – respectively, 7.4 million euros (+60.9%) and 6.3 million euros (+71.6%). Considerably has grown the volume of disbursed amounts in guarantee insurance, reaching short of one million euros, a rise of 410%. BTA has disbursed 22.7 million euros (+21.7%) in indemnities in Lithuania in the first six months of this year, while in Estonia – 6.8 million euros (+16.5%).

"The results achieved in the first six months are good, and they demonstrate particularly fast growth in Latvia, as well as in Lithuania and Estonia. Since the acquisition of InterRisk at the end of 2017, the market share of BTA in the Baltic market increased by 2 percentage points, reaching 15% and ranking BTA among the leading insurance companies in the Baltic States. With the European Union General Data Protection Regulation taking effect at the end of May, amendments were made to BTA Privacy Policy. It required considerable resources to make sure that we have done everything required to maintain compliance, as well as to explain the requirements under the GDPR and the expected changes associated with it to clients and business partners. We are also particularly happy that, despite of the dynamics of this period, we have managed to start implementation of "BTA ART" – the new BTA project – creation of our own art collection, reflecting our vision of the future," says BTA Management Board Member Wolfgang Stockmeyer.

About BTA

BTA Baltic Insurance Company is a major insurance company in the Baltic States, offering the broadest range of non-life insurance services in Latvia, Lithuania and Estonia. The largest shareholder of BTA is Vienna Insurance Group AG, one of the leading insurers in Europe with 190 years of experience in the insurance field. More than 50 companies in 25 countries constitute the group, which employs 24.000 employees. Vienna Insurance Group AG is a clear leader in its core markets in Europe maintaining high rating of financial stability – Standard & Poor’s A+ (stable outlook), with a listing on the Vienna and the Prague Stock Exchange.

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