STATISTICS: Bulgaria FY2017: Insurers' profits decreased by 4.8% y-o-y to EUR 52.6 million

Bulgarian insurers ended 2017 with a 7.50% y-o-y growth-rate in GWP, to BGN 2.20 billion (EUR 1.12 billion), while the aggregate value of net profit decreased by 4.80% y-o-y to BGN 102.83 million (~ EUR 52.58 million), according to the Bulgarian FSA preliminary figures.

Non-life insurers ended the year with an aggregate net profit of BGN 74.17 million (EUR 37.92 million) vs. BGN 77.57 million (EUR 39.66 million) in 2016 (consolidated data). Of overall 26th non-life insurers, the largest profits were reported by ENERGIA (+EUR 7.76 million), DZI General Insurance (+EUR 6.38 million) and ALLIANZ Bulgaria (+EUR 5.66 million), while the largest loss was reported by UNIQA Insurance (EUR-1.21 million).

On the life insurance side, the Bulgarian insurance market closed the year with an aggregated profit after tax amounting to BGN 28.66 million (EUR 14.65 million) vs. BGN 30.45 million (EUR 15.57 million) a year before. Of 13th active life insurers, only one company ended the year "in red" (EUROINS Life Insurance, net loss of EUR -0.19 million), while the top 3 most profitable life insurers were DZI Life Insurance (+EUR 4.39 million), ALLIANZ Bulgaria Life (+EUR 3.69 million) and UBB-MetLife (+EUR 2.09 million).

In terms of GWP, life insurance market totalled BGN 449.21 million (EUR 229.68 million) or 4.93% more y-o-y due the increase of unit-linked segment by more than 19.74%. ALLIANZ Bulgaria Life, BULSTRAD Life VIG and UNIQA Life were the Top 3 life insurance market leaders, with an aggregate market share of 58.96% of the total life GWP.

The non-life insurance sector generated 79.59% of the total insurance market, the equivalent of BGN 1.75 billion (EUR 895.83 million), up by 8.18% y-o-y. BULSTRAD VIG, LEV INS and ARMEEC were the Top 3 non-life insurers in the country, accounting together 34.56% of this segment.

Access www.xprimm.com and download the FY2017 Bulgarian insurance market statistics (in EUR and BGN).
  • Gross written premiums
  • Paid claims
  • Growth rates
  • Life and non-life rankings


Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

BULGARIA: EUROHOLD turned on profit in 2018

Bulgarian EUROHOLD -owner of EUROINS Insurance Group (EIG) - announced in its preliminary financial report for 2018 - a positive financial result in amount of BGN 1.7 million (EUR 871,800) versus a loss of BGN 17.3 million (EUR 8.84 million) for the comparable period last year.

2019-02-05

ON THE MOVE

GENERALI Group results for year 2018

In 2018, GENERALI Group operating result reached EUR 4,857 million (+3.0%), with a net profit of EUR 2,309 mil. (+9.4%). The total gross written premiums (GWP) of the Group amounted EUR 66,691 mil. (+4.9%).

14.03.2019

MetLife announced leadership changes as part of CEO transition

MetLife announced a series of changes to its senior leadership ranks in connection with its CEO transition, all of which are effective May 1, 2019. In January 2019, the BoD announced that Michel KHALAF, President, U.S. Business and EMEA, will become MetLife's President, CEO and Member of the Board effective May 1, replacing Steven KANDARIAN, who is retiring.

14.03.2019

HANNOVER RE launches an insurtech innovation platform

Germany-based Hannover Re launched a platform designed to bring the insurance companies and insurtech innovators closer. Through the "hr | equarium" platform, Hannover Re wants to facilitate the connection between supply and the demand for insurtech solutions, taking advantage of its worldwide spread.

14.03.2019

TOP EVENT

Conclusions: TBILISI - the first Georgian International Insurance Conference

Today takes place in Tbilisi the first Georgian International Insurance Conference, an event that will put under scrutiny the current status and the future development perspectives of the local market, in an attempt of identifying the main growth opportunities. The forthcoming launch of the mandatory MTPL system is the most important topic on the agenda, as this new line of business has the potential to provide for a significant growth, but also to become a market disruptor.

14.03.2019

Motor insurance - becoming more financially efficient and consumer friendly

Under the strong pressure put by the technological evolution, the motor insurance business is rapidly changing, both in operational terms and, most visible, in the way insurers are interacting with their customers. Step by step, the insurers' relationship with customers evolves from simply indemnifying insureds for the losses suffered because of road incidents, to helping them prevent incidents and rapidly recover after the accidents that couldn't be avoided.

27.02.2019

See all