Bulgarian insurers' YE2020 net profits increased by 26% y-o-y to EUR 95 million

14 April 2021 — Andrei Victor
Bulgarian insurers aggregate YE2020 net profits increased by 26.16% y-o-y to BGN 186.27 million (~EUR 95.24 million) due the 38.87% increase in non-life, the y-o-y rate reported by life insurers being negative: -26.59%, according to the Q4 2020 market figures published on the Financial Supervisory Commission website.

By type of activity, life insurers reported aggregate net profit of BGN 21.06 million (~EUR 10.77 million) vs. BGN 28.68 million (EUR 14.67 million). The most profitable life insurer is ALLIANZ BULGARIA LIFE with BGN 6.17 million (~EUR 3.16 million), while CCB LIFE was the only one insurer that ended 2020 "in red": net loss of BGN 87 k (-EUR 44.48 k).

On the other side, Bulgarian non-life insurance companies increased their combined net profit by to BGN 165.22 million (EUR 84.47 million) from BGN 118.97 million (EUR 60.83 million) in Q4 2019. The top 3 largest profits were reported by DZI - General Insurance (BGN 41.83 million / EUR 21.39 million) followed by Generali Insurance (BGN 25.20 million / EUR 12.88 million) and Allianz Bulgaria (BGN 21.77 million / EUR 11.13 million).

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