RIGA - Last year, insurance companies operating in Latvia generated EUR 12.383 million in aggregate profit, down 22.6 percent from 2017, according to the data released by the Financial and Capital Market Commission (FCMC).
Non-life insurers reported EUR 16.107 million in aggregate 2018 profit, which is an increase of 7.4 percent against 2017, and life insurers posted a loss of EUR 3.725 million in contrast to profit a year before.
According to FCMC data, the non-life insurance companies earned EUR 14.257 million from insurance services in 2018 as compared to EUR 14.589 million in 2017. The life insurance companies, meanwhile, sustained a EUR 1.955 million loss from insurance services last year as compared to a EUR 2.591 million loss a year before.
The Latvian insurance companies closed 2017 with EUR 16.007 million in aggregate profit, which included EUR 15.003 million made by the non-life insurers and EUR 1.004 million made by the life insurers.
At the end of 2018, there were four non-life insurance companies and two life insurance companies operating in Latvia, as well as seven branches of foreign non-life insurance companies and four branches of foreign life insurance companies.