RIGA, March 20 (LETA) - Latvian insurance companies last year made profits totaling EUR 104.957 million as opposed to a loss in 2015, according to the information from the Latvian financial watchdog, the Financial and Capital Market Commission.
"The significant rise in profits was mostly due to a non-life insurer selling its subsidiary. With the impact of this deal excluded, aggregate profit of non-life insurers would have been around EUR 5 million," said Agnese Licite, a spokeswoman for the Financial and Capital Market Commission.
In 2016, Balcia Insurance sold the controlling stake in its subsidiary, BTA Baltic Insurance Company, and closed the year with pre-tax profit of EUR 98.713 million.
Aggregate profit of non-life insurers last year was EUR 103.171 million or several times higher than in 2015, and life insurers made profits totaling EUR 1.785 million as opposed to a loss in 2015.
In 2015, Latvian insurance companies reported aggregate loss of EUR 887,200 with non-life insurers showing profits that added up to EUR 103,800 while life insurers reported aggregate loss of EUR 991,000.
At the end of 2016, there were five non-life insurance companies and two life insurance companies operating in Latvia, as well as eight branches of foreign non-life insurance companies and four branches of foreign life insurance companies.