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"Compensa Life" collects EUR 30.9 million in premiums in 2012

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(Globalpost/GlobalPost)

Life insurance company "Compensa Life" racked up a total of EUR 30.9 million in insurance premiums in the Baltic countries last year, or 29 percent more than in 2011, as the company informed "Nozare.lv".

The company's share of the Baltic life insurance market increased from 8 percent to 9.7 percent last year, and the company concluded last year with EUR 0.7 million in profit.

Pension savings accounted for 63 percent of all "Compensa Life" premiums last year, whereas health insurance premiums increased 52 percent from 2011.

"The company's positive financial results prove that people's confidence in life insurers as long-term asset managers is high," notes "Compensa Life" Latvian branch's head Viktors Gustsons. He believes the fact that "Compensa Life" is part of the "Vienna Insurance Group" contributes to customer confidence. As to the increasing interest in health insurance services, this is attributable to the improving economic situation in the Baltic countries, as a result of which employers, including state and municipal institutions, have resumed insuring their employees' health.

With the continuing economic growth and stabilization, "Compensa Life" expects its premiums to further increase this year, said Gustsons, adding that the demand for life insurance services could increase 10-15 percent in 2013.

"Compensa Life Vienna Insurance Group SE" is fully owned by "Vienna Insurance Group". The company has more than ten branches in the three Baltic countries, it employs 200 people and manages assets worth EUR 107 million.

http://www.globalpost.com/dispatch/news/asianet/130403/compensa-life-collects-eur-309-million-premiums-2012