Bulgaria: Insurers' Q3 net profits expanded by 37% y-o-y to EUR 124 m

17 January 2022 —
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.

Life insurers generated profits of BGN 52.2 million (EUR 26.7 million) vs. BGN 19.8 million (EUR 10.1 million) a year before.

Aggregate end-September 2021 profits posted by non-life insurers increased by 21% y-o-y to BGN 189.9 million (EUR 97.1 million) from BGN 156.9 million (EUR 80.2 million).

According FSC statistics, the most profitable life insurers were DZI Life (BGN 46.5 million / EUR23.8 million) and Bulstrad Life Vienna Insurance Group (BGN 3.2 million / EUR 1.6 million), while the largest net losses were reported by Life Insurance Company Saglasie (BGN -424 k) and CCB Life (BGN -124 k).

In non-life field, the largest profits were reported by DZI - General insurance (BGN 33.7 million / EUR 17.2 million), Bulstrad VIG (BGN 30.5 million / EUR 15.5 million) and LEV INS (BGN 20.2 million / EUR 10.3 million), while as in case of life segment, the largest loss was reported by SAGLASIE Insurance (BGN -1.3 million / EUR -711 k).

Bulgarian insurance market totaled BGN 2.4 billion (EUR 1.2 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. Life insurers' GWP increased by an annual 34.2% to BGN 439 million, while non-life insurers' GWP rose by 8.9% to BGN 2 billion.