STATISTICS: BULGARIA, 3Q2020: Local insurers reported increasing 9 months profits

10 December 2020 —
Bulgarian insurance market totaled BGN 2.16 billion (~EUR 1.10 billion*) at the end of September 2020, down by 0.87% y-o-y, according to data from the Financial Supervision Commission - FSC.

At the same time, local insurers aggregate profits increase by 23.96% y-o-y to BGN 176.80 million (~EUR 72.93 million) due the 43.80% increase in non-life, the y-o-y rate reported by life insurers being negative: -40.76%.

Life insurers' GWP dropped by 13.35% to BGN 327.30 million, while non-life insurers' GWP rose by 1.74% to BGN 1.84 billion. DZI Life Insurance was the biggest player on the life insurance market (market share of 26.18%), while LEV INS was the largest insurer on the non-life insurance market with a share of 13.29%.

In terms of profitability, life insurers reported aggregate net profit of BGN 19.82 million (~EUR 10.13 million) down by 40.76% y-o-y, the most profitable insurer being ALLIANZ BULGARIA LIFE with BGN 5.65 million (~EUR 2.69 million).

On the other side, Bulgarian non-life insurance companies increased their combined net profit by 43.80% y-o-y to BGN 156.98 million (EUR 80.26 million) from BGN 109.17 million in Q3 2019, the largest profit being reported by DZI - General insurance: BGN 36.48 million (EUR 18.65 million).

* for an exchange rate of 1 EUR = 1.95583 BGN (fixed)

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