Bulgarian insurance market posted aggregate 9 months 2021 net profit of BGN 242.2 million (EUR 123.8 million), 37% more as compared with the snapshot on 30 September 2020 (BGN 176.8 million/EUR 90.4 million), according to the market statistics published on FSC website.
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.
Bulgarian insurance market totaled BGN 2.44 billion (EUR 1.24 billion) at the end of September 2021, up by 12.7% y-o-y, according to the official quarterly figures from the Financial Supervision Commission - FSC.
For the first 9 months of 2021 the assets of Bulgarian insurers increased by 9.3% y-o-y to about BGN 9.9 billion (~EUR 5.06 billion*), SeeNews wrote
according to the statement of the country's central bank said.
Belgium-based KBC Bank and Austria-based Raiffeisen Bank International ('RBI') reached an agreement for KBC to acquire 100% of the shares of Raiffeisen bank (Bulgaria) EAD, comprising RBI's Bulgarian banking operations.
The majority shareholder of CEZ Distribution Bulgaria AD and CEZ Electro Bulgaria AD - Eastern European Electric Company B.V. (EEEC), part of urohold Bulgaria AD, will increase its interests in the two companies to 88.2% and 69.3% of the capital, respectively, as a result of the public tender offers carried out and following the completion of the deals with the shareholders that have accepted the offers.
Last week, Bulgaria's FSC (Financial Supervision Commission) has approved the EEEC revised public tender offers for the acquisition of the remaining 33% interests it does not own in power distributor CEZ Distribution Bulgaria and power supplier CEZ Electro Bulgaria.
Bulgarian insurance market ended the first half of the year with a total GWP of BGN 1.63 billion (EUR 836 million), up by 12.9% y-o-y, according to the market figures from the Bulgarian Financial Supervision Commission (FSC).
European Bank for Reconstruction and Development (EBRD) and Eurohold
, owner of Euroins Insurance Group
- a regional player operating on 13 CEE and CIS countries, have signed an agreement by which EBRD aims to take over a minority stake in Euroins insurance operations.
Financial and insurance group Eurohold Bulgaria aims to acquire the remaining 33% shareholding interest in Sofia-based CEZ Distribution and CEZ Electro for a total of BGN 219.2 million (EUR 112 million), SeeNews informed
Belgium's KBC Group and the Netherlands-based NN Group finalised the agreement announced on 11 February 2021 for KBC's Bulgarian subsidiary, DZI - Life Insurance EAD, to acquire all the shares of NN Pension Insurance Company EAD and all the assets and liabilities of NN Insurance Co. Ltd. - Sofia Branch.
Despite the pandemic challenges, insurance market remains stable, and growth has been observed in some insurance types since the beginning of the year.
Bulgarian financial holding urohold has officially completed the acquisition of seven subsidiaries of Czech energy group CEZ in Bulgaria for EUR 335 million.
Bulgarian insurance market totaled BGN 807 million (EUR 413 million) at the end of March 2021, up by 6.1% y-o-y, according to the official quarterly figures from the Financial Supervision Commission - FSC.
Life insurers' GWP increased by an annual 16% to BGN 150 million, mostly driven by the 77% increase reported by UL life policies, while non-life insurers' GWP rose by 4% to BGN 657 million.
ALLIANZ Bulgaria Life was the biggest player on the life insurance market with GWP of BGN 42.5 million, while LEV INS was the largest insurer on the non-life insurance market with GWP of BGN 81.3 million in the review period, equal to a market share of 12.4%.
Bulgarian insurance market posted aggregate quarterly profit of BGN 78.2 million (EUR 40 million), about 63% more as compared with the snapshot at 31 March 2020 (BGN 47.9 million/EUR 24.5 million), according to the market statistics published on FSC website.
"Agroinsurance is not standardized and there are various offers on the Bulgarian market", said Nina Kolchakova, Secretary General of ABZ (Association of Bulgarian Insurers). Therefore, farmers should be aware of all the terms of the offer in advance to determine if it suits their needs, according to the ABZ.
EUROHOLD Bulgaria AD, one of the leading independent financial and insurance groups in the SEE, raised EUR 80.5 million via a Public Offering of New Shares on the Bulgarian Stock Exchange (BSE).
Avto Union AD, part of Bulgarian Eurohold, signed a preliminary contract for the sale of its subsidiary N Auto Sofia EAD to Bulpharma OOD, a leading investor in healthcare services.
Bulgarian FSC (Financial Supervision Commission) announced that it granted approval to local insurer DZI - Life Insurance (part of Belgian KBC) to acquire the Bulgarian pension and life insurance business of Dutch-based NN Group.
In Q1 2021, EUROHOLD Bulgaria AD, the largest Bulgarian public holding and one of the leading independent financial and insurance groups in the CEE/SEE/CIS region, reported revenues of approximately BGN 421 million (EUR 225.2 million), close to the 1Q 2020 level, right before the pandemics.