Compensa Vienna Insurance Group, a non-life insurance company operating in the Baltics, continued its profitable growth trajectory in 2024. The company’s revenue from insurance services amounted to EUR 269.2 million – the highest revenue in the company’s history and growing 14% compared to 2023 (EUR 236.8 million).

In 2024, the revenue generated in Lithuania amounted to EUR 124.8 million (2023: EUR 107.9 million), in Latvia – EUR 82.9 million (2023: EUR 72.6 million), in Estonia – EUR 61.5 million (2023: EUR 56.2 million). 

Despite growing claim payments – e.g. extreme summer rain and storm in the Baltics that caused approx. EUR 6 million in claims – the increased revenue and effective cost management allowed the company to increase its profit before tax from EUR 8.2 million in 2023 to EUR 8.3 million in 2024.

The value of the company’s investment assets grew to EUR 236.8 million at the end of 2024 (at the end of 2023: EUR 204.7 million).

“A clear strategic path, unambiguous priorities, a great team spirit and successful long-term partnerships allowed us to close the year 2024 with our best result ever,” says Deividas Raipa, CEO and Chairman of the Board of Compensa Vienna Insurance Group.

All sales channels and lines of business contributed to Compensa’s growth in 2024. The most significant growth in revenue was in health and property lines of business, amounting to 24.3% and 16.7%, respectively. 

The company held 11.1% of the non-life and health insurance market in the Baltics last year. In terms of the non-life types of insurance among all insurers in the individual Baltic countries (including non-life products of life insurers), the market share of Compensa was 10.7% in Lithuania, 12.4% in Latvia, and 10.4% in Estonia.

Furthermore, Compensa was recognized as a Great Place to Work® for the first time.

Last year, the Company completed its strategy program Compensa 24, it will be succeeded by Compensa’s new strategy program Course 27. “Compensa 24 has significantly strengthened our resilience, product offering and delivery speed. The successful roll-out of Global Assistance to all three Baltic states, the combined IT function with our sister company Compensa Life and a series of customer experience improvements were among recent achievements in 2024. Throughout the program’s successful tenure, the company achieved double-digit growth in premiums and profitability” says D. Raipa.

“Despite the challenges in the Baltic economies and a highly competitive insurance market – especially in MTPL, we remain a positive outlook. This, last but not least, due to the still existing underinsurance that we observe e.g. in the area of households, loss of income after accidents and other existential risks. Further raising awareness on these – in line with our slogan “protecting what matters” - is one of our priorities for 2025,” D. Raipa points out.

In 2024, Compensa Vienna Insurance Group also took an important step forward in its sustainability journey by adopting a comprehensive Sustainability Program, which sets out clear objectives and measures in six areas: customers, employees, society, investment management, insurance and business operations. This program reflects the Company's commitment to creating long-term value for its stakeholders while addressing environmental and social challenges.