BULGARIA: The assets of the insurance sector reached EUR 5.49 billion by the end of March

11 June 2024 — Marina MAGNAVAL
The assets of Bulgarian insurance companies reached BGN 10.74 billion (EUR 5.49 billion) at the end of March, which indicates a y-o-y rise of 4.5%, SeeNews reports referring to the Central Bank’s statement.

However, compared to the end of 2023, the assets declined by 0.5% or BGN 53.4 million, the Bulgarian National Bank (BNB) said in a quarterly insurance sector report.

A major part of the assets (71.1%) is managed by non-life insurers and grew by 2.3% y-o-y to BGN 7.64 billion at the end of March. While the assets of life insurance companies jumped by 10.2% to BGN 3.1 billion and accounted for a share of 28.9% of the total assets.

Securities other than shares make up 48.3% of all insurance assets as of end-March (vs 45% a year ago), while shares and other equity account for 24.2% (vs 21% at end-March 2023). It’s worth noting that the share of receivables from insurance operations declined to 6.9%.

There were 45 insurance companies active in Bulgaria at the end of March, of which 12 operate in life insurance and 33 – in non-life.

*EUR 1 = BGN 1.95583