Life insurers' GWP increased by 17.1% y-o-y to BGN 175.5 million, mostly driven by the almost 20% increase reported by UL life policies, while non-life insurers' GWP rose by 8% to BGN 710 million.
DZI Life Insurance was the biggest player on the life insurance market with GWP of BGN 52.2 million, while LEV INS was the largest insurer on the non-life insurance market with GWP worth BGN 106.4 million.
In terms of profitability, the local insurance market posted aggregate quarterly profit worth BGN 59.3 million (EUR 30.3 million), about 25% less as compared with the snapshot on 31 March 2021 (BGN 78.2 million/EUR 40 million).
Life insurers generated a net loss worth BGN -1.5 million (EUR -0.8 million) vs. a positive result of BGN 1.4 million (EUR 0.7 million) a year before. Aggregate Q1 2022 profits posted by non-life insurers dropped by 20.6% y-o-y to BGN 60.9 million (EUR 31.1 million) from BGN 76.7 million (EUR 39.2 million).
According FSC statistics, at the end of March 2022, the most profitable life insurers were DZI Life (BGN 2.2 million) and Life Insurance Company Saglasie (BGN 1.7 million), while the largest net losses was reported by UNIQA Life (BGN -8.4 million).
In non-life field, the largest profits were reported by BULSTRAD VIG (BGN 17.3 million) and DZI General Insurance (BGN 12.1 million), the largest loss being reported by DallBogg (BGN -6.7 million).
Access xprimm.com and download the Q1 2022 Bulgarian insurance market statistics (in EUR and BGN).