STATISTICS: BULGARIA 1Q2019: Insurers' profits expanded by 41% y-o-y to EUR 26.5 million

13 June 2019 —
STATISTICS: BULGARIA 1Q2019: Insurers' profits expanded by 41% y-o-y to EUR 26.5 million
Bulgarian insurers ended Q1 2019 with a 23% y-o-y growth-rate in GWP, to BGN 748 million (EUR 382 million), while the aggregate value of net profit expanded by 41% y-o-y to BGN 52 million (~ EUR 26.5 million), according to the Bulgarian FSA preliminary figures.

In terms of GWP, life insurance market totaled BGN 142.7 million (EUR 80 million) or 18.2% more y-o-y due the increase of unit-linked segment by more than 31%. BULSTRAD Life VIG, DZI Life and ALLIANZ Bulgaria Life were the Top 3 life insurance market leaders, with an aggregate market share of 75% of the total life GWP.

The non-life insurance sector generated 81% of the total insurance market, the equivalent of BGN 606 million (EUR 310 million), up by almost 25% y-o-y. LEV INS, BULSTRAD VIG, and DZI were the Top 3 non-life insurers in the country, accounting together 36.5% of this segment.

On the life insurance side, the Bulgarian insurance market closed the quarter with an aggregated profit after tax amounting to BGN 14.2 million (EUR 7.3 million) vs. BGN 9.4 million (EUR 4.8 million) a year before. Of 11th active life insurers, three insurers ended the quarter "in red" (GROUPAMA Life, CCB Life and SAGLASIE), while the top 3 most profitable life insurers were UNIQA Life (+EUR 2.8 million), ALLIANZ Bulgaria Life (+EUR 1.89 million) and GRAWE Bulgaria (+EUR 1 million).

Non-life insurers ended the year with an aggregate net profit of BGN 37.7 million (EUR 19.3 million) vs. BGN 27.4 million (EUR 14 million) in Q1 2018. Of overall 25th non-life insurers, the largest profits were reported by DZI General Insurance (+EUR 5 million), GENERALI Insurance (+EUR 3.4 million) and ALLIANZ Bulgaria (+EUR 3.2 million), while the largest loss was reported by ASSET Insurance (EUR-203 thousand).

Access and download the 1Q2019 Bulgarian insurance market statistics (in EUR and BGN).

  • Gross written premiums
  • Paid claims
  • Growth rates
  • Life and non-life rankings