ERGO Group in Lithuania
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.
