BULGARIA: in 10M2021 the life insurers' business up 34% y-o-y, while the non-life went up 8.1%

17 January 2022 —
In 10M2021 the combined net profit of life insurance companies in Bulgaria increased to BGN 52.5 million (EUR 26.8 million) from BGN 21.9 million in the like period of 2020, SeeNews reports with reference to the country's financial regulator.

GWP of life insurers increased by 33.9% y-o-y to BGN 483 million from January to October, the Financial Supervision Commission (FSC) said. It is noted that GWP rise was mostly driven by life insurance connected with investment funds (BGN 192.8 million at the end of October from BGN 83 million in the same period of 2020).

The 4 biggest life insurers generated 87% of life GWP, while there were 10 life insurance companies active in Bulgaria at the end of October. Allianz Bulgaria Life (GWP of BGN 152.5 million) and DZI Life Insurance (BGN 116.4 million) were the biggest players on the Bulgarian life insurance market. Their respective market shares reached 31.6% and 24.1%. Bulstrad Life Vienna Insurance Group and UNIQA Life followed with market shares of 20% and 11.3%, respectively.

Total assets of the life insurers in Bulgaria went up to BGN 2.57 billion at the end of October from BGN 2.0 billion a year earlier.

Bulgarian non-life insurance companies increased their combined net profit to BGN 217.6 million (EUR 111.3 million) in the first 10 months of 2021, from BGN 171.1 million in the comparable period of 2020, the country's financial regulator said.

At that non-life GWP rose by 8.1% y-o-y from January through October, reaching BGN 2.2 billion, as FSC said in its data release.

Lev Ins was the biggest player on the non-life market with GWP of BGN 281.6 million in January-October, representing a market share of 12.8%. Euroins and Bulstrad Vienna Insurance Group followed with 12.5% and 11.8%, respectively. There were 23 non-life companies active in Bulgaria at the end of October.

Total assets of non-life insurers in Bulgaria rose to BGN 5.31 billion at the end of October 2021 from BGN 4.88 billion a year earlier.

*1 EUR = BGN 1.95583