STATISTICS: Bulgaria: Three non-life insurers reported the largest profits during 3Q2017

The aggregate GWP of Bulgarian insurers increased by 7.56% y-o-y to BGN 1.64 billion (EUR 839.72 million) during the first nine months of 2017, quarterly statistics from the Financial Supervisory Commission (FSC) show.

The non-life insurance sector contributed with BGN 1.30 billion of total GWP, up by 8.59% y-o-y, while the life insurers contributed with the remainder BGN 338 million, which was 3.77% more y-o-y.

In terms of GWP, the largest non-life classes were the two motor insurance classes (MTPL and MoD) and the property insurance line (fire, allied perils and damages to property, summed). The mentioned business lines generated together 69% of the total GWP.

In case of life insurers, the largest shares were accounted by the unit-linked products and traditional policies, the equivalent of 15% of total GWP or 78% of life GWP.

In terms of profitability, the 13 life insurers active in the country reported a positive result of BGN +26.89 million (EUR +13.75 million) vs. BGN +33.08 million in 3Q 2016. The most profitable life insurers were DZI Life Insurance (BGN +6.68 million), followed by UBB-MetLife (BGN +6.02 million) and ALLIANZ Bulgaria Life (BGN +5.79 million).

The 27 active non-life insurers reported aggregate profit of BGN +74.04 million (EUR +37.86 million) vs. BGN +64.69 million in September 2016. ENERGIA (BGN +16.45 million), DZI General Insurance (+BGN 16.43 million) and ALLIANZ Bulgaria (BGN +12.94 million) were the most profitable non-life insurers, while UNIQA Insurance (BGN -3.34 million) - reported the largest loss in the market.

Summing-up the profits made by both life and non-life insurers, resulted an aggregate market profit of BGN +100.93 million (EUR +51.60 million) vs. BGN +97.77 million, a nominal increase of 3.23% y-o-y.

Access www.xprimm.com and download the 3Q2017 Bulgarian insurance market statistics (in EUR and BGN).
  • GWP/claims portfolio
  • Life/non-life market rankings

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

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