POHJOLA SEES PREMIUMS RISE 4.6%, MAINLY IN CORPORATE SECTOR

Finnish insurer Pohjola saw written premiums rise 4.6% in 2003, up to 653.5m euro. Most of the gain came from the corporate sector, which saw an increase of 6.1% to 392m euro. Domestic private customers contributed 261m euro, up 1.7%. The technical result was a gain of 160.1m euro, up from 144.2m euro the year before. Net profit came in at 176.8m euro, up from 132.6m euro the year before. The combined ratio fell to 105.1% from 109.2%. Pohjola said that, according to advance information, the Finnish insurance sector grew by 2.2% in 2003, meaning that the company’s market share grew slightly to 24.8% from 24.3%. Premiums in the statutory workers’ comp field fell slightly to 160m euro from 164m euro, partly on the back of favourable claims development, since in these policies the premium level is dependent on the incidence of loss. Mandatory third party and voluntary motor cover both grew slightly to a combined 224m euro, while fire and other property damage cover grew by 15% to 131m euro, up from 114m euro the year before. Premiums written by Baltic subsidiaries grew to 26m euro.