Compensa Vienna Insurance Group a leading non-life insurance company operating in the Baltics has continued its growth trajectory in 2023. The company’s insurance service revenue amounted to EUR 236.8 million, representing an increase of 19% compared to EUR 199.2 million recorded in the previous year.

In 2023 an insurance revenue in Lithuania of EUR 108.0 million (EUR 86.9 million in 2022) was achieved, in Latvia EUR 72.6 million (EUR 62.9 million in 2022) and in Estonia EUR 56.2 million (EUR 49.4 million in 2022). Compensa’s revenue generated in Lithuania accounted for 45.6%, Latvia 30.7% and Estonia 23.7%.

The increased business volume, disciplined underwriting and operational efficiency improvements also had a positive impact on the company’s profitability. The insurance service result of Compensa increased from EUR 6.3 million in 2022 to EUR 10.7 million in 2023, generating a pre-tax profit of EUR 8.2 million.

“Last year Compensa increased both its sales and its profitability. These results were achieved despite rising claim inflation and the largest yet accounted natural catastrophe event – the summer hailstorm that severely impacted all three Baltic countries and caused approx EUR 8 million in claims. I am pleased to confirm that the team’s determination in the face of these conditions has enabled us to deliver results that we can be very proud of. Furthermore, it shows how the initiatives within our Compensa24 strategy program take effect.” said Deividas Raipa, Chairman of the Management Board of Compensa Vienna Insurance Group.

D. Raipa noted that for three years in a row, Compensa Vienna Insurance Group was included in the list of financial sector leaders compiled by “Verslo žinios”. The list is based on a company’s revenue, pre-tax profit, its annual change, profitability, profit per employee, average wages, and the average number of employees. 

“Going into the year 2024, we continue to see opportunities in the Baltic markets and will continue to develop attractive value propositions for our existing and potential customers to ‘protect what matters’. Yet, we also must address risks, e.g. a likely second wave of inflation due to geopolitical tensions and increasingly costly supply chains.” he explained.

Last year, the company accounted for 11.1% of the non-life and health insurance market in the Baltics. Compared to 2022, this share increased by 0.2 percentage points. In the individual Baltic countries, the market share was 12.2% in Latvia, 10.7% in Estonia and 10.6% in Lithuania.

Compensa Vienna Insurance Group has successfully adopted the new financial accounting standards IFRS17/9 from 2023; comparative information for previous years has been adjusted accordingly. Compensa once more re-certified its environmental management system according to ISO 14001.