ERGO Group in Lithuania
- About
- History
- Innovative solutions of ERGO
ERGO Group in Lithuania is among the leaders of the insurance market in the country. ERGO Group is the only group in Lithuania providing all insurance services: non-life, life, health and pension funds.
ERGO Group in Lithuania belongs to ERGO International, which is one of the largest groups in Europe. The group hosts companies such as Victoria, DKV, D.A.S., ERV, MEAG, etc., under its umbrella. ERGO Group operates in 31 countries of the world and has 40m clients. Annual turnover of the Group amounts EUR 19 bn. The principal shareholder of the Group is the largest global reinsurance company – Münich Re.
ERGO Group in Lithuania is a member of ERGO Group in the Baltic States. Having centralised the management, ERGO presently is the only insurance company with a joint Board in Lithuania, Latvia and Estonia. ERGO provides services to more than 400,000 clients in these countries.
ERGO sales network in Lithuania covers all largest cities and towns of the country. The Group has 8 regional centres and 65 representative offices in Lithuania at large. Presently, it is one of the most universal sales networks of the country.
ERGO Group in Lithuania unites the following companies: ERGO LIETUVA, ERGO Life Insurance SE, and a branch of ERGO Invest.
ERGO LIETUVA has been successfully operating since 1991. It is the second largest non-life insurance company in Lithuania occupying strong positions in transport, property, third party liability and other types of insurance.
ERGO Life Insurance SE is a life insurance company operating in Lithuania, which boasts of the longest insurance traditions and history. The Company was established in 1995. Long years of experience and financial stability enable ERGO Life Insurance SE to maintain leading positions in Lithuania in the area of classical endowment life insurance.
ERGO Invest started its operations in 1999. The main business of the Company is management, administration and lease of fixed assets of ERGO Group in Lithuania, as well as collection and analysis of information about the situation in the real estate market.
During long years of business ERGO Group in Lithuania has accumulated considerable authorised capital, solid insurance reserves, and other assets ensuring the solvency of the Company and security for its clients.
Financial reliability, exceptional attention to the client, quality services and proficiency are the cornerstones enabling ERGO Group in Lithuania to achieve outstanding results and be among the leaders in the insurance market of the country.
Established in May 1991, UAB Drauda of Lithuania and Germany became the first company of private foreign capital in Lithuania. For nine years it belonged to the German Insurance Group Alte Leipziger. Together with capital of the German origin, the Company has also inherited experience and deep insurance traditions, which facilitated in developing stable and effective business.
In 1995, the first life insurance company in Lithuania Draudos gyvybės draudimas was established.
In January 2000, the German ERGO Group became the principal shareholder of the insurance companies.
On 20 September 2001, Drauda changed its name to ERGO LIETUVA. It was decided to unify the names of the companies belonging to one of the largest European insurance group ERGO in order to create a common identity and improve the efficiency of the provision of services.
In summer 2001, ERGO Group in Germany became the principal shareholder of the non-life insurance company Preventa.
In 2002, company Preventa was fully merged with ERGO LIETUVA.
In 2004, centralised management was introduced in the Baltic States by establishing a joint Board for the companies operating in Lithuania, Latvia and Estonia.
In 2006, ERGO LIETUVA and ERGO Life Insurance SE became the first companies in Lithuania, which started calculating their performance results according to the International Financial Reporting Standards (IFRS).
In 2007, ERGO LIETUVA became one of the most efficiently operating insurance companies in Lithuania in terms of cost quota.
In 2008, ERGO Group decided to centralise life insurance business in Lithuania and to enhance the company of pension funds in Estonia.
In 2010, ERGO Insurance Group in the Baltic States acquired the Norwegian insurance company Vital Forsikring ASA branches in Lithuania and Latvia life insurance portfolios and began to cooperate with DnB NORD Bank. On 15 September 2010, Vital life insurance portfolios were officially taken over and very important strategic business area of insurance product sales through bank (bancassurance) was entered.On 3 January 2011, ERGO life insurance companies in Lithuania, Latvia and Estonia were merged into one company ERGO Life Insurance SE. The first European company headquarters established in Lithuania.
On 3rd of January 2011 The ERGO Insurance Group merged its three life insurance companies in Lithuania, Latvia and Estonia into an European Company ERGO Life Insurance SE. This is the first European Company, the headquarters of which are established in Lithuania.
In its activities, ERGO Group implements innovative technical solutions.
ERGO was the first in the market to offer the following innovations:
- In 2003, ERGO was the first company in the market, which started providing insurance assistance and telephone registration services in case of road accidents.
- April 2004. ERGO LIETUVA was the first in Lithuania to start selling the European compulsory motor third party liability insurance policy valid in the entire territory of the European Union, Switzerland, Norway, Liechtenstein and Iceland.
- June 2004. ERGO LIETUVA was the first in Lithuania to start providing CASCO motor vehicle insurance services in line with the European standards. Lithuanian drivers can insure their motor vehicles using premium calculation methodology based on types and classes of motor cars and without specifying the insured sum.
- September 2007. CASCO insurance against all risks was offered for the first time in Lithuania.
- April 2009. Property insurance against all risks was launched for the first time.
