STATISTICS: Bulgarian insurers' YE2021 net profits expanded by 65% y-o-y to EUR 145 m

6 April 2022 — Andrei Victor
Bulgarian insurance market ended 2021 with a total GWP of BGN 3.24 billion (EUR 1.66 billion), up by 12.73% y-o-y, according to the market figures from the Bulgarian Financial Supervision Commission (FSC).

Per business lines, almost 81.29% represented non-life GWP (EUR 1.35 billion, 8.23% more y-o-y), the remaining of 18.71% being accounted by life products GWP (EUR 310.59 million, up by 37.58% y-o-y).

In terms of GWP, the largest life insurer in the country was ALLIANZ Bulgaria Life (29.73% market share), while he non-life segment was led by Euroins (12.91%).

Year-end 2021 FSC data shows that the market aggregate net profit increased by 64.54% y-o-y, to BGN 283.05 million (~ EUR 144.72 million) or by EUR 56.77 million in absolute values - from EUR 87.86 million in 2020.

Non-life aggregate net profit was BGN 227.21 million (EUR 116.17 million) vs. BGN 150.42 million (EUR 76.91 million) at the end of December 2020. On the life insurance side, the Bulgarian insurance market closed 2021 with an aggregated profit after tax amounting to BGN 55.83 million (EUR 28.55 million) vs. BGN 21.60 million (EUR 11.05 million) a year before.

Access XPRIMM Database and download the latest Bulgarian insurance market statistics (in EUR and BGN).

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