Vienna Insurance Group in Lithuania
Acquisition of Finsaltas delivers sustainable expansion in sales structure
Vienna Insurance Group company Compensa Life SE has strengthened one of its key distribution channels in Lithuania with the acquisition of life insurance sales specialist Finsaltas.
With around 300 insurance brokers, Finsaltas is Lithuania's largest life insurance sales company. In 2014 the company generated some EUR 7.1 million in life insurance premiums. Compensa Life's acquisition of Finsaltas, a highly successful business, will pave the way for continued and closer cooperation.
Lithuania: a growing life insurance market
In the past few years Lithuania's insurance industry has expanded rapidly, in line with the country's economic recovery. Unit-linked products dominate the life insurance segment, accounting for some 70 percent of total premiums. Life insurance premiums have risen by an average of around 20 percent over the past few years.
Vienna Insurance Group outperforms Baltic insurance market
With average annual growth of 25.5 percent in life insurance in the past five years, VIG has significantly outpaced the growth in the Baltic market, recording a threefold increase in premiums ( 2009: EUR 16.6 million / 2014: EUR 51.6 million).
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