Positive bottom line result amounted to EUR 3.43 million profit (EUR 2,48 million). While the Baltic insurance market grew by 14,4%, ERGO's growth was 16,7% with the market share of 14,2% (13,9%).
CEO of ERGO insurance companies in the Baltic States, Dr. BAGDONAVICIUS said: "All three countries have shown growth in P&C premium volumes in all lines of the business. Health insurance segment showed excellent growth ratio, while development of Life insurance of ERGO focuses on portfolio restructuring. It should be noted that the amount of claims paid for our customers in all Baltic countries has also increased and this justifies the mission of the insurance business i.e. to ensure and provide excellent service to the client in case of damage".
Claims costs of EUR 69 million were higher than in the previous year. Major losses were in key lines of business: MTPL, MoD and property. The highest claim in amount of EUR 0,65 million has been fixed in Lithuania due to fire of commercial buildings and equipment.
ERGO in the Baltic States
ERGO has been among leading insurance groups in the Baltic States and offers a complete range of coverage including non-life insurance along with life and health insurance. Premiums of ERGO Baltic totalled EUR 206 million in 2016. Last year customers in the Baltic countries were paid EUR 133 million for insurance claims. ERGO is also present in Belarus offering services in the non-life sector. Over 650,000 customers in the Baltic States trust the services, know-how and financial stability of ERGO Group.
ERGO companies operating in the Baltic countries are part of the ERGO Group - one of the major insurance groups in Germany and Europe. Worldwide, the Group is represented in over 30 countries and concentrates on Europe and Asia.
ERGO is part of Munich Re, one of the leading reinsurers and risk carriers worldwide.
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