Fourfold profit for the Estonian IF and its Baltic subsidiaries in 1Q2014

The Estonian insurer IF and its subsidiaries in Latvia and Lithuania recorded in 1Q2014 a consolidated profit of EUR 5.3 million, a figure 4 times higher compared to 1Q2013, informs LETA.

Gross premiums written amounted to EUR 34.8 million in the first three months of the current year, 9% up y-o-y. The Latvian If P&C Insurance subsidiaries wrote a total amount of EUR 9.4 million, 19% more compared to 1Q2013.

Expenses decreased by about 10%, corresponding to a total amount of payments in the Baltic States of EUR 15.5 million, of which EUR 4.4 million are related to the insurance contracts concluded in Latvia.

The number of clients in the Baltic States has grown from 357,000 to 361,000, which is 1% more than a year ago.

IF P&C Insurance is part of the Scandinavian insurance group IF P&C Insurance Holding Ltd., owned by SAMPO Plc. In 1Q2014 the total amount of technical income of If P&C Insurance group was EUR 120.84 million, while the combined ratio decreased from 90.9% to 90.3% during the period. The total income before taxes amounted to EUR 189.82 million.

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