Insurer Balcia posts €3.044 million profit in first half of the year
Latvian-founded insurer Balcia reported a profit of €3.044 million for the first six months of 2026, as written premiums declined while paid claims rose sharply.
Latvian insurance company Balcia wrote gross insurance premiums totaling €97.413 million in the first half of this year, down 6.4% compared with the same period last year. At the same time, gross claims paid rose 24.9% to €62.047 million.
In Latvia specifically, written premiums fell 17% to €14.246 million, while claims paid climbed 17.8% to €11.199 million.
Largest insurance segments
The company's largest line of business by premiums was motor third-party liability insurance, including mandatory MTPL (OCTA), where it wrote €54.415 million — a 13% decrease year-on-year. This was followed by motor own-damage (CASCO) insurance at €27.383 million (down 5.6%) and property insurance at €8.179 million (up 7.4%).
In Latvia, MTPL premiums totaled €5.676 million (down 17.7%), CASCO premiums came to €4.882 million (down 28.2%), while property insurance premiums reached €2.203 million (up 1.1%).
On the claims side, the largest increase came in the MTPL segment, where Balcia paid out €40.241 million overall — 25% more than a year earlier. CASCO claims rose 22.1% to €15.091 million, and property insurance claims increased 23.5% to €4.225 million. In Latvia, MTPL claims paid reached €4.586 million (up 26.2%), CASCO claims totaled €4.448 million (up 6.9%), and property claims came to €1.533 million (up 26.8%).
Profit figures
The first-half profit of €3.044 million is lower than the €4.485 million Balcia reported for the same period last year. For full-year 2025, the insurer's total profit stood at €10.361 million.
Balcia is a risk insurance company founded in Latvia, headquartered in Riga, with branches in Lithuania, Estonia, Poland and Germany. Significant indirect ownership stakes in the company are held by Gints, Pauls and Marts Dandzbergs.
