STATISTICS: BULGARIA: Insurance market's net profit up by 82% last year

The Bulgarian insurance market closed the financial year 2015 with a 10.6% y-o-y growth in GWP, to BGN 1.96 billion (EUR 1.00 billion), according to the preliminary data published by the Financial Supervisory Commision. Paid claims amounted to BGN 1.03 billion (EUR 525.41 million), or 6.46% more y-o-y, while the whole market's net profit reached BGN 83.76 million, or EUR 42.82 million vs. EUR 23.58 million a year before.

According to the Bulgarian FSA data, non-life insurers ended the year with an aggregate net profit of BGN 53.77 million (EUR 27.49 million) vs. BGN 13.77 million (EUR 7.04 million) in 2014. Last year, of 30 non-life insurers, 19 reported profits, while the remaining 11 ended the year "in red". The most profitable insurers were ENERGIA (EUR 8.94 million), LEV INS (EUR 5.45 million) and ALLIANZ Bulgaria (EUR 5.34 million), while the largest losses in profit were reported by GENERALI (EUR 4.85 million), HDI Insurance (EUR 1.52 million) and BULSTRAD VIG (EUR 1.14 million).

On the life insurance side, the market closed the year with an aggregated profit after tax amounting to BGN 29.98 million (EUR 15.33 million) vs. BGN 32.35 million (EUR 16.54 million) a year before. The preliminary figures showed that 11 insurers ended the year "in black", while the other four players reported losses. The most profitable life insurers were ALLIANZ Bulgaria Life (EUR 4.50 milion), followed by DZI Life Insurance (EUR 4.21 milion) and UBB-METLIFE (EUR 3.63 million).

In terms of GWP, life insurance market totaled EUR 200.65 million or 15.24% more y-o-y due the increase of unit-linked segment by almost 63%. ALLIANZ Bulgaria Life, BULSTRAD Life VIG and UNIQA Life were the Top 3 life insurance market leaders, with an aggregate market share of 57.31% of the total GWP for this segment (up by 6% as compared with FY2014).

The non-life insurance sector generated 80% of the total insurance market, the equivalent of EUR 803 million, up by 9.51% compared to FY2014 figures. By the criterion of weight in all market, among all non-life insurance classes, MTPL held about 30% of total, followed by motor hull (25%) and property insurances (15%). ARMEEC, BULSTRAD VIG and LEV INS were leading the non-life insurance segment, accounting together 35.84% of this segment (vs. 37.52% in 2014).

Access and download the FY2015 Bulgarian insurance market statistics (in EUR and BGN).

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