Life insurers' gross written premiums (GWP) dropped by an annual 9.5% to BGN 129.2 million, due the decreases reported by traditional life policies, while non-life insurers' GWP rose by an annual 4.2% to BGN 631.3 million, mostly driven by fire and natural disaster insurance premiums, which grew to BGN 90.5 million from BGN 72.3 million levs in the first three months of 2019.
DZI Life Insurance was the biggest player on the life insurance market with gross premiums of BGN 34.2 million, while BULSTRAD VIG was the largest insurer on the non-life insurance market with gross premiums of BGN 87.3 million levs in the review period, equal to a market share of 13.8%.
In terms of profitability, life insurance companies turned to a combined net loss of BGN -1.16 million (EUR -594 k*) from a net profit of BGN 13.8 million (EUR 7.05 million*) in the same period of 2019. On the other side, Bulgarian non-life insurance companies increased their combined net profit to BGN 49.05 million levs (EUR 25.08 million*) in the first quarter of 2020 from BGN 36.95 million in Q1 2019, according to data from the Financial Supervision Commission.
The most profitable life insurers were BULSTRAD Life VIG (BGN 1.37 million) and DZI Life Insurance (BGN 1.12 million), while the largest net losses were reported by Life Insurance Company SAGLASIE (BGN -1.90 million) and UNIQA Life (BGN -2.50 million).
In non-life, the "champions" were DZI - General insurance (BGN 11.28 million) and ALLIANZ Bulgaria (BGN 7.78 million), while as in case of life segment, the largest losses were reported by the local subsidiaries of SAGLASIE (BGN -1.56 million) and UNIQA Insurance (BGN -2.07 million).
1 EUR = 1.95583 Leva, BGN (fixed)