In the Baltic States, the PZU Group conducts its insurance business through two companies registered in Lithuania: PZU Lietuva (in terms of non-life insurance) – “PZU Lithuania” and UAB PZU Lietuva Gyvybës Draudimas (life insurance) – “PZU Lithuania Life”.
In 2013, PZU Lithuania obtained a gross written premium of a value of LTL 189 m, i.e. 16.7% more than in 2012, which was significantly higher than the rate of growth of the whole market. This result was achieved as a result of the increased sales of non-life insurance (increase of 28.7 %), motor own damage increase of 15.3%) and TPL motor insurance (increase of 8.1%).
The structure of the portfolio was dominated by motor insurance with a 54.1% share of the written premium. The share of TPL motor insurance declined to 33.8% (36.2% in 2012), while the share of motor own damage insurance declined slightly from 20.3% to 20.2%. However, the share of non-life insurance increased in the insurance portfolio (from 15.1% to 16.8%).
In 2013, the contribution obtained by PZU Lithuania Life amounted to LTL 26.1 m, which meant that it increased by 24%. The highest sales growth was recorded in traditional life insurance, which increased by 61.2% compared with the previous year, as well as unit-linked insurance (increase of 5.3% year-on-year).
In 2013, PZU Lithuania occupied third place on the non-life insurance market with a market share of 13.6% (13.3% in 2012). However, PZU Lithuania Life’s share of the life insurance market was 4.2% (compared with 3.7% in 2012).
In 2013, PZU’s activity in Latvia and Estonia was still in the start-up phase and, therefore:
- the Latvian branch, PZU Lietuva, which was opened on 15 October 2012, sold its first policy in December 2012. In 2013, the office prepared additional products (TPL motor insurance and motor own damage insurance), which were adapted to the requirements of the Latvian market. Simultaneously, additional employees were recruited and internal procedures and IT systems were prepared;
- the PZU Lietuva Branch in Estonia was registered on 14 November 2012 and had recruited the key staff by the end of 2012. Sales started in June 2013.