Citadele Life, which is a company in the Citadele Group, has expanded its market share in the area of savings insurance policies nearly five times over, from 2.0% in 2010 to 9.7% in 2011. This has happened irrespective of the fact that the total number of signed premiums in the Latvian insurance market in 2011 declined by 3.6%.
Citadele Life board chairman Uģis Vorons says that the increased market share can be attributed to the increased recognisability of the Citadele Bank: “Demand for Citadele Life insurance products has accompanied an increase in Citadele’s popularity in the market. Clients understand that the bank is stable and secure, so we can forecast increased client interest in future, as well. That will help us to achieve the goal of being among the leading players in the life insurance market.”
Citadele Life rapidly increased its total number of signed premiums in 2011 – by a full 367% in comparison to 2010, with total revenues of nearly LVL 4 million.
In terms of various segments in this process, the total number of signed premiums related to savings insurance policies that are linked to investment funds or the investment market increased by a factor of 4.5 over the course of the year with total revenues of LVL 3.5 million. The total number of signed premiums related to insurance with a guaranteed interest rate more than quintupled in comparison to 2010.
“As has always been the case, the greatest interest in savings life insurance in 2011 was seen at the end of the year, because just a few months later it is possible to receive the relevant tax relief that is provided for in Latvian law,” says Vorons. “That’s why we want to encourage our clients to avail of this main long-term savings advantage and to file their annual income declaration with the State Revenue Service.”
AAS Citadele Life is an AS Citadele Bank subsidiary which offers savings life insurance services, life insurance, accident insurance, and life insurance for borrowers.
Citadele Life was registered in the Latvian Company Register on December 2, 2005 and received its license to provide accident insurance on June 8, 2007. The registered and financed equity capital of Citadele Life is LVL 3 million.
Citadele is a full-service financial group for both private individuals and companies offering complete portfolio of banking, financial and private capital management services in its home market Latvia and through its international presence. Citadele is the only collaboration partner of American Express® in Latvia and Lithuania who is entitled to issue American Express credit cards. Presently 75% of Citadele Bank is possessed by VAS “Privatizācijas aģentūra” (State JSC Privatization Agency) and 25% plus one share is possessed by the European Bank for Reconstruction and Development.
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