Bulgarian insurers posted Q1 profits of EUR 40 m

20 July 2021 — Andrei Victor
Bulgarian insurance market posted aggregate quarterly profit of BGN 78.2 million (EUR 40 million), about 63% more as compared with the snapshot at 31 March 2020 (BGN 47.9 million/EUR 24.5 million), according to the market statistics published on FSC website.

Splitted per business lines, life insurers generated profits of BGN 1.4 million (EUR 0.7 million) vs. a loss of BGN -1.2 million (EUR -0.6 million) a year before. Aggregate Q1 2021 profits posted by non-life insurers increased by 56% y-o-y to BGN 76.7 million (EUR 39.2 million) from BGN 49 million (EUR 25.1 million).

According FSC statistics, at the end of March 2021, the most profitable life insurers were Bulstrad Life VIG (BGN 1.2 million) and DZI Life Insurance (BGN 1.7 million), while the largest net losses were reported by Life Insurance Company Saglasie (BGN -1.6 million) and Groupama Life (BGN -0.3 million).

In non-life field, the largest profits were reported by DZI - General insurance (BGN 12.7 million), Bulstrad VIG (BGN 12.2 million) and Armeec (BGN 9.3 million), while as in case of life segment, the largest loss was reported by the local subsidiaries of SAGLASIE (BGN -1 million).

Bulgarian insurance market totaled BGN 807 million (EUR 413 million) at the end of March 2021, up by 6.1% y-o-y, according to the official quarterly figures from the Financial Supervision Commission - FSC. Life insurers' GWP increased by an annual 16% to BGN 150 million, mostly driven by the 77% increase reported by UL life policies, while non-life insurers' GWP rose by 4% to BGN 657 million.

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