STATISTICS: BULGARIA, FY2016: Insurers' profit more than doubled last year

Bulgarian insurers ended 2016 with a 4.4% y-o-y growth in GWP, to BGN 2.05 billion (EUR 1.05 billion), while the aggregate value of net profit more than doubled, reaching EUR 61.68 million.

The preliminary data recently published by the Bulgarian FSA show that, per business lines, non-life insurers ended the year with an aggregate net profit of BGN 89.05 million (EUR 45.53 million) vs. BGN 30.58 million (EUR 15.64 million) in 2015. On the life insurance side, the market closed the year with an aggregated profit after tax amounting to BGN 31.59 million (EUR 16.15 million) vs. BGN 29.19 million (EUR 14.93 million) a year before.

In terms of GWP, life insurance market totaled EUR 219 million or 9.5% more y-o-y due the increase of unit-linked segment by more than 116%. ALLIANZ Bulgaria Life, BULSTRAD Life VIG and UNIQA Life were the Top 3 life insurance market leaders, with an aggregate market share of 58.5% of the total life GWP.

The non-life insurance sector generated 79% of the total insurance market, the equivalent of EUR 829.5 million, up by 3.1% y-o-y. LEV INS, BULSTRAD VIG and ARMEEC were the Top 3 general insurers, accounting together 35% of this segment.

Access www.xprimm.com and download the FY2016 Bulgarian insurance market statistics (in EUR and BGN).
  • Gross written premiums
  • Paid claims
  • Growth rates
  • Life and non-life rankings

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