compensa life vienna insurance

What compensa life vienna insurance does

Compensa Life Vienna Insurance is the Latvian branch of Austria-headquartered Vienna Insurance Group (VIG), one of the largest insurance groups in Central and Eastern Europe with operations in 30 countries, 50+ insurance entities and approximately 33 million customers globally. Operating in Latvia since 1999 (originating from the 1993 Estonian entity Seesam Elukindlustuse AS), the company provides life, health, accident, pension and savings insurance products to both private individuals and corporate clients. A 2020 merger with Seesam Insurance consolidated non-life and life/health operations under a single Baltic platform, and the Latvian business was re-branded under a unified Compensa identity anchored at compensa.lv.

The product catalog is wide and includes motor insurance (OCTA, KASKO, premium Zelta OCTA), property insurance with a solar-panel add-on, travel and accident insurance, health insurance through the Compensa Seesam vertical, life and endowment/savings plans, investment funds, second-pillar pension management (Mūža pensija) and the OncoDrop critical-illness product — the first oncology insurance launched in Latvia. Distribution combines 43 customer service offices across Latvia (Riga, Liepāja, Valmiera, Daugavpils, Ventspils), a registered agent and broker network, an e-commerce storefront (veikals.compensa.lv) with a 10% online discount, dedicated mobile apps (Compensa Seesam, Compensa Life), telemedicine consultations, and a unified 8888 phone number introduced October 2025.

Revenue is generated through recurring insurance premiums across property/casualty, life, health, pension and savings lines, with assets under management exceeding €466 million and more than 153,000 customers served across the Baltic operations. The company employs 400+ staff in Latvia with 260+ employees and 500+ insurance consultants across the broader Baltic region, and benefits from VIG's A+ Standard & Poor's credit rating with stable outlook. Recent financial signals show 14% YoY Baltic revenue growth in 2024 against a market expanding at roughly 4%, with leadership appointments (Tomas Milašius as Baltic Board Chairman in 2022; Ervins Vēveris as Latvia Branch Head in 2023) supporting continued execution.

Name

compensa life vienna insurance

Legal name

Compensa Life Vienna Insurance Group SE Latvijas filiāle

Website

https://compensalife.lv

Company type

Private

Founded year

1999

Operating status

Operating

Headcount range

51–100 employees

Short description

Compensa Life Vienna Insurance is the Latvian branch of Vienna Insurance Group, offering life, health, accident, pension and savings insurance products to retail and corporate customers across Latvia through 43 offices, an agent network and digital channels.

Ownership category

akta.pro rank

Product category

Life Insurance

NAICS

Direct Life Insurance Carriers (524113), Direct Life, Health, and Medical Insurance Carriers (52411), Direct Health and Medical Insurance Carriers (524114)

SIC

Life Insurance (6311), Accident & Health Insurance (6321)

akta.pro primary industry

Non-Participating Whole Life Insurance (FSAIABAJ)

akta.pro secondary industries

Level Term Life Insurance (FSAIAAAA), Variable Universal Life (VUL) Insurance (FSAIABAD), Traditional Long-Term Care (LTC) Insurance (FSAIAJAA)

Keywords

• Life insurance
• Health insurance
• Motor insurance
• Property insurance
• Pension products

Headquarters

HQ city

Riga

HQ country

Latvia

HQ region

Europe

Offices6 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Property and Casualty Insurance: Non-life insurance products including motor (OCTA, KASKO, Gold OCTA), property, travel, accident, and health insurance. Premium revenue from policyholders for coverage against specified risks.
2. Life Insurance: Life insurance products including term life, whole life, endowment policies, and investment-linked insurance. Ongoing premium payments from policyholders with death benefit payouts.
3. Health Insurance: Health and medical insurance coverage for individuals and corporate clients, including Seesam health insurance and Compensa Life health insurance products.
4. Pension and Savings Products: Second pillar pension management, lifetime pension insurance, and accumulation insurance for children. Management fees and premium contributions.
5. Oncology Insurance (OncoDrop): Specialized insurance product providing financial protection in case of oncology diagnosis. Lump sum payment upon cancer diagnosis.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels8 records

Core offering

Compensa Life Vienna Insurance sells life, health, accident, pension, savings, and supplementary insurance products to private individuals and corporate clients in Latvia, plus (via its sister Compensa Vienna Insurance Group ADB branch) motor, property, travel, and casualty lines. It combines traditional life and savings insurance with specialized offerings such as OncoDrop oncology cover, lifetime pension, and accumulation life insurance. Distribution runs through 43 customer service centers, an online store (veikals.compensa.lv), agents/brokers, mobile apps, and a self-service portal.

Product overview

Compensa operates as a comprehensive insurance group consisting of two main entities: Compensa Vienna Insurance Group ADB (non-life/property and casualty insurance) and Compensa Life Vienna Insurance Group SE (life and health insurance). The non-life division offers vehicle insurance (OCTA, KASKO, Zelta OCTA), property insurance (including solar panel coverage), travel insurance, and accident insurance. The life insurance division provides OncoDrop (oncology-specific coverage), life insurance with savings components, accumulated life insurance, investment funds, pension insurance (Mūža pensija), and health insurance products. Both divisions offer dedicated mobile applications (Compensa Seesam and Compensa Life) along with a self-service portal. The group also provides telemedicine consultations through the Seesam platform, serving both private individuals and business clients across Latvia.

Differentiator

Problem solved

Functional benefit

Brands

• Seesam: Health insurance brand offering medical consultations and health coverage
• OncoDrop
• Zelta OCTA

Products and services

• OCTA (Compulsory Motor Third-Party Liability Insurance) Compulsory third-party liability insurance for vehicle owners, covering damages caused to third parties in traffic accidents. Targeted at Latvian vehicle owners purchasing the legally required motor liability cover.
• KASKO (Comprehensive Motor Insurance) Full-risk vehicle insurance covering damages to the insured vehicle from theft, natural disasters, accidents, and other unforeseen events, including 24-hour roadside assistance. Targeted at vehicle owners seeking comprehensive own-damage cover.
• Zelta OCTA (Gold OCTA) Enhanced vehicle third-party liability insurance with premium coverage levels and additional benefits compared to standard OCTA. Targeted at motorists who want broader liability cover than the compulsory minimum.
• Property Insurance (Īpašuma apdrošināšana) Property insurance providing financial protection for apartments, houses, and household contents against risks such as fire, water damage, and theft. Targeted at homeowners and tenants purchasing household and residential property cover.
• Compensa Seesam Health Insurance Health insurance product covering medical expenses including doctor visits, treatments and related healthcare costs. Targeted at private individuals and corporate clients seeking health cover under the Seesam brand.
• Compensa Life Health Insurance Health insurance coverage for both private individuals and legal entities (companies), covering unexpected health problems. Targeted at both consumers and businesses seeking health protection bundled with life products.
• Accident Insurance (Nelaimes gadījumu apdrošināšana) Accident insurance providing compensation for bodily injuries and physical harm resulting from accidents. Targeted at private individuals and families seeking personal accident cover, with both Compensa and Compensa Life variants.
• Travel Insurance (Ceļojumu apdrošināšana) Travel insurance offering coverage for medical emergencies, lost baggage, and other travel-related risks. Targeted at private individuals traveling abroad.
• Life Insurance and Savings (Dzīvības apdrošināšana un uzkrājumi) Life insurance with savings component, including accumulation insurance and investment fund options, supporting long-term financial planning. Targeted at private individuals seeking savings-linked life protection.
• Lifetime Pension (Mūža pensija)
• OncoDrop (Oncology Insurance) Financial protection product specifically designed to provide coverage in case of oncological disease diagnosis, offering policyholders a lump sum payment upon diagnosis. Targeted at individuals and families seeking cancer-related financial protection; first oncology-specific insurance launched in Latvia in 2022.
• Seesam Critical Illness Insurance Critical illness insurance covering specified serious diseases beyond oncology. Targeted at private individuals seeking protection against major health events.
• Civil Liability Insurance (Civiltiesiskās atbildības apdrošināšana) Civil liability insurance covering third-party liability exposures of private individuals. Targeted at consumers seeking protection against third-party claims.
• Solar Panel Insurance (Saules paneļu apdrošināšana) Specialized insurance coverage for solar panel installations, protecting against damage and related risks. Targeted at residential and commercial solar panel owners.

Quantifiable outcome

• Assets under management exceeding 466 million EUR
• +3 more outcomes

Named customers6 records

Segments3 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Seven partnerships are on record, tiered minor and core.

• LAMPA FestivalminorGTM or Marketing Partner · 1 January 2026Compensa became the official insurance sponsor of the LAMPA conversation festival in 2026
• VEF Rīga Basketball ClubminorGTM or Marketing Partner · 1 January 2025Compensa became a supporter of the VEF Rīga basketball club in 2025
• Boston Symphony OrchestraminorGTM or Marketing Partner · 1 January 2025Compensa supported the Boston Symphony Orchestra concert with conductor Andris Nelsons in Riga in 2025
• Latvian Wind Energy AssociationminorStrategic or Co-development Partner · 1 January 2024Compensa became a member of the Latvian Wind Energy Association in 2024, demonstrating commitment to sustainable insurance products for green energy technologies.
• SeesamcoreStrategic or Co-development Partner · 1 January 2020Compensa Vienna Insurance Group and Seesam Insurance completed their merger process in June 2020. Seesam brand has been integrated into Compensa's product offerings, particularly for health and property insurance.
• Vienna Insurance Group (VIG)coreStrategic or Co-development PartnerCompensa is part of Vienna Insurance Group - one of the most experienced insurance groups in Europe with operations in 30 countries, 50+ insurance companies and pension funds, serving approximately 33 million customers with 30,000 employees. VIG has A+ credit rating from Standard & Poor's with stable outlook.
• Krastu mačsminorGTM or Marketing PartnerSports event partnership - Compensa provides insurance coverage for Krastu mačs (Battle of the Shores) sports event participants and sponsors the event for multiple years. In 2024, four participants received insurance payouts for injuries.

Scale indicators11 records

Recent moves6 records

Expansion highlights6 records

Market position

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/CompensaLifeApdrosinasana
• LinkedInlinkedin.com/company/compensa-life-latvia

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about compensa life vienna insurance