Business Overview

UAB Commercial Union Lietuva Gyvybes draudimas (Commercial Union Lithuania) employs 57 people and is engaged in two lines of business: individual life insurance, since November 2001, and Pillar II pension accumulation, since September 2003. Asta Ungulaitiene is the general manager.

In the fifth year of operation the number of Commercial Union (CU) Lithuania customers reached 150,000 at 31 December 2006. This is a considerable achievement in a country with a population of 3.4 million.

CU Lithuania life insurance new business market share for 2006 (11 months) was 13.1% (3rd position). GWP market share was 11.3% (3rd position). Pension accumulation market share by contracts in 2006 was 15.8% (3rd position). CU Lithuania reached IFRS break-even point and recorded its first profit in 2006, which amounts to 1.2 million Litas for 11 months of 2006.

Our main distribution channel is direct sales force (DSF). There are around 500 DSF located in 39 units and 6 branches. There are 13 sales offices in the largest towns of Lithuania.

Managing CSR in our business

The company’s internal communication specialist is the CSR-nominated manager responsible for the implementation of the CSR programme and for reporting CSR issues to the group. Separate organisational sections of the company are involved in implementation of particular projects. The CSR-nominated manager reports directly to the general manager; as a result, all socially oriented initiatives are supported by senior management.