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Latvian insurers report EUR 9.3 million in nine-month profit

RIGA - Latvian insurance companies generated EUR 9.326 million in aggregate profit for January-September 2018, down 28.5 percent from the respective period a year ago, the Financial and Capital Market Commission (FCMC) informed LETA.

Non-life insurers closed the first nine months of 2018 with EUR 10.849 million in aggregate profit, which dropped 7.9 percent from the first nine months of 2017, and life insurers sustained a loss of EUR 1.523 million in contrast of a profit made a year ago.

According to the regulator’s data, profit from non-life insurance declined to EUR 8.512 million in the first nine months of this year from EUR 9.905 million a year ago. Life insurance, meanwhile, brought a loss of EUR 978,800 in contrast to a loss of EUR 1.964 million a year ago.

In the first nine months of 2017, the Latvian insurance companies together generated EUR 13.05 million in profit, with the non-life insurers posting EUR 11.783 million and life insurers EUR 1.266 million in profit.

At the end of September 2018, there were four non-life and two life insurance companies in Latvia, as well as seven branches of foreign non-life insurance companies and four branches of foreign life insurance companies.

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