Balta non-life insurer posts EUR 7.778 million in 2018

  • 2019-03-01
  • LETA/TBT Staff

RIGA - Latvia’s Balta non-life insurer, which is a member of Poland’s PZU Group, closed 2018 with EUR 7.778 million profit, up 31.3 percent from the respective period last year, according to the company’s financial report.

Last year, Balta grossed EUR 104.722 million in insurance premiums, up 18.7 percent against 2017, and paid out EUR 52.078 million in net indemnities, up 11 percent.

Of the premiums grossed last year, motor own damage (MOD) insurance accounted for EUR 29.359 million, up 12.9 percent against the respective period in 2017. Gross premiums in mandatory motor third party liability (MTPL) insurance rose 57.5 percent to EUR 22.508 million, gross property insurance premiums grew 6.9 percent to EUR 20.823 million.

The largest amount of indemnities – EUR 16.948 million - was also paid out in MOD insurance, up 3 percent year-on-year. Indemnities in health insurance grew 12.2 percent to EUR 11.42 million, indemnities in property insurance rose 12.1 percent to EUR 9.879 million.

In 2017, Balta reported EUR 5.926 million in profit.