General Insurance Baltics

Gjensidige’s Baltic segment offers general insurance products to the private and commercial markets in Lithuania, Latvia and Estonia. The products are distributed through dedicated channels, insurance agents and brokers. The Baltic insurance market is still immature, and Gjensidige is well positioned for future growth.


Operations in the Baltics were dominated by rationalisation of processes in 2017. Lithuania, Estonia and parts of Latvia are now operating on the same IT core system. Initiatives relating to product development, tariff programmes, distribution, customer relationship management (CRM) and claims settlement continue according to plan after the acquisition of PZU Lietuva in late in 2015.


Gjensidige’s goal is to be one of the leading insurance companies in the Baltic states. The market is relatively immature, and a significant proportion of both the private and the commercial segments is still uninsured. We expect growth in the market in step with improvements in the general economic situation and increase in the standard of living.

Competition is intense and the pressure on prices considerable, but new and more sophisticated tariffs are expected to contribute to better portfolio quality and profitability. The distribution will be moved towards an increasing share of direct distribution through phone and web sales. The business is expected to be profitable from full-year 2018.

Key figures Baltic

NOK million 20172016  2015

Earned premiums

1,074.7 1,036.3 642.0
Underwriting result(7.2) (99.5) (98.9) 

Loss ratio %

 68.5 72.281.8
Cost ratio % 32.2 37.433.6
Combined ratio % 100.7 109.6115.4


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Source market shares:

Source: Baltics Insurance Supervisory Authorities of Latvia and Lithuania, Estonia Statistics, competitor reports, and manual corrections. Based on gross written premiums  3rd quarter 2017.