General Insurance Baltics

Gjensidige’s Baltic operations offer general insurance products to private and commercial customers in Lithuania, Latvia and Estonia. The products are distributed through own channels, agents and brokers. The Baltics in- surance market is immature, and Gjensidige is well positioned for future growth.


In 2016 the Baltic operations were characterized by integration processes as a result of the acquisition of PZU Lietuva the year before. The operations were integrated by the end of the year.


Gjensidige’s goal is to be one of the leading insurance companies in the Baltic states. The market is relatively immature, and a signifi- cant proportion of both the private and the commercial segments is still uninsured. We expect the market to grow as the general economic situation improves and the standard of living increases. Initiatives relating to product development, tariff programmes, distribution, CRM and claims operation runs according to the plan that was laid out when acquiring PZU Lietuva.

The competition is fierce and there is considerable pressure on prices, but new and more sophisticated tariffs are expected to con- tribute to better portfolio quality. The Baltic operation is expected to be profitable from 2018.

Key figures Baltic

NOK million2016  20152014 

Earned premiums

1,036.3 642.0523.0
Underwriting result(99.5) (98.9) 0.6 

Loss ratio %

Cost ratio % 37.433.627.8
Combined ratio % 109.6115.499.9


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