Insurance Joint Stock Companies »Balcia The amount of gross written insurance premiums of Insurance SE in 2021 was 50.8 million euros, gross claims – 42.172 million euros, and net profit – 2.6 million euros, Jānis Lucaus, Chairman of the Board of the insurance joint-stock company, informed Delfi Bizness.
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“Last year’s results confirm the correctness of our chosen strategy, which is to offer customer-friendly and lifestyle-friendly insurance. dynamic growth and implementation of new projects, “admits Lucaus.
He explains that last year the main focus was on introducing innovative products to the Latvian, Lithuanian and Polish markets, using modern technological solutions. Special attention was paid to the development of the retail segment and the development of self-service solutions in the e-platform. It is planned to continue the development of this segment also in 2022.
In terms of the amount of written premiums, the company’s largest markets in 2021 were Poland and Lithuania, respectively – 40% and 30% of the total gross written premiums.
Last year, the adjustment of the company’s structural units to the strategy adopted in 2020, which envisages the development of the retail segment in Lithuania and Poland, as well as the resumption of insurance operations in Latvia and Estonia, was completed. In 2021, the necessary preparations were made and the offering of insurance services in the home market was started. To ensure this, investments were made in the company’s infrastructure and staff. Among other things, the work in the Polish branch was re-planned and streamlined, supplementing it with 19 insurance market professionals. The Polish branch has 42 employees, the Lithuanian branch has 25 employees, the Balcia Latvian office has 17 employees, and Balcia has a total of 185 employees.
According to Lucaus, the changes in business organization, customer segmentation and underwriting, which mainly affected branches in Poland, France and Germany, affected the total gross written premiums in 2021, but are aimed at the company’s long-term profitability and stability. The correctness of the chosen strategy was confirmed by the operating results of the branches, which were particularly successful in the last quarter of 2021 and the first quarter of 2022, showing a 45% increase in gross written premiums compared to the respective reporting period last year.
Balcia Insurance SE is a non-life insurance company founded in Latvia with 29 years of experience in the Baltic States, Poland, Germany, France and Italy. Balcia has obtained insurance licenses for all non-life insurance services for individuals and companies. The insurance company has 185 employees with headquarters in Riga and branches in Lithuania, Poland and Germany. From 2022, “Balcia” also offers insurance services in Latvia.
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