News article, 9 February 2011
If P&C Insurance AS continued to perform strongly in the Baltic countries in 2010 despite a challenging market situation. The consolidated net profit for If P&C Insurance AS, which includes parent company in Estonia and subsidiaries in Latvia and Lithuania, was 253,3 MEEK (Please change to LVL) in 2010.

The gross written premiums collected on the Baltic market during 2010 was 1 697 MEEK (Please change to LVL) compared to 1 938 MEEK (Please change to LVL) in the same period last year. Gross written premiums in Latvia were 14,9 MLVL compared to 18,1 MLVL in 2009.

During January-December the amount of claims paid in the Baltic countries was 1 011 MEEK (Please change to LVL) compared to 1 146 MEEK (Please change to LVL) during the same period in 2009.
In Latvia the amount of claims paid was 7,9 MLVL compared to 11,5 MLVL in 2009.

“Despite the reduction in premium income, caused by the economic recession, If P&C Insurance AS completed 2010 with an outstanding financial result.  In Estonia and Latvia If managed to increase its market share and the number of customers”, says Andris Morozovs, CEO of If P&C Insurance AS. “Our product offering was also extended with several new products like the unemployment and private health insurance.”

A good financial result was reached even though the exceptional weather conditions in 2010 created challenges for insurance companies across the globe including us. “If was exposed to a series of large claims especially in Lithuania last year. Largest of them was the fire on Lisco Gloria, where our customers lost approximately 50 trucks and trailers. Despite of the externally caused turbulences, If managed very well, which proves our expertise in risk management and ability to react to the changing environment and customer needs,” concludes Morozovs.

If P&C Insurance also continues to deliver stable results. The technical result for 2010 was 4 284 MSEK compared to 5 184 MSEK for 2009. Combined ratio was 92.8 percent (92.1 percent) for the full year. The operating result before tax was 6 800 MSEK (6 901 MSEK) for 2010. 

 



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