STATISTICS: Double-digit H1 GWP growth rate for Bulgarian insurers

12 October 2021 — Andrei Victor
Bulgarian insurance market ended the first half of the year with a total GWP of BGN 1.63 billion (EUR 836 million), up by 12.9% y-o-y, according to the market figures from the Bulgarian Financial Supervision Commission (FSC).

Per business lines, almost 82% represented non-life GWP (EUR 684 million, 9.7% more y-o-y), the remaining of 18% being accounted by life products GWP (EUR 151.5 million, up by more than 30% y-o-y).

In terms of GWP, the largest life insurer in the country was ALLIANZ Bulgaria Life (31% market share), while he non-life segment was led by LEV Ins led the market (12.7%).

At the "profitability chapter", the FSC data shows that the market aggregate net profit decreased by 7.6% y-o-y, to BGN 139.65 million (~ EUR 71.25 million).

Non-life aggregate net profit was BGN 132 million (EUR 67.5 million) vs. BGN 134.8 million (EUR 69 million) at the end of June 2020. Of overall 24 active non-life insurers supervised by FSC, the largest profits were reported by DZI (~EUR 12.5 million), BULSTRAD VIG (EUR 10.7 million) and DalBogg (EUR 7.5 million), while the largest loss was reported by SAGLASIE (EUR -433 thousand).

Overall, non-life segment reported gross technical result of BGN 279 million (EUR 142.3 million), 3.4% less compared to the previous year (BGN 289 million). It is worth mentioning that, from this point of view, the most profitable insurance class is MTPL (BGN 90.6 million / EUR 46.3 million) followed by MoD (BGN 58.7 million) and Fire and Allied perils (BGN 53 million).

On the life insurance side, the Bulgarian insurance market closed H1 2021 with an aggregated profit after tax amounting to BGN 7.2 million (EUR 3.7 million) vs. BGN 16 million (EUR 8.2 million) a year before. Of 10 active local life insurers, three ended the first semester "in red" (EUROINS Life Insurance, CCB Life and SAGLASIE), while the top 3 most profitable life insurers were DZI Life (BGN 3 million or EUR 1.5 million), BULSTRAD Life VIG (EUR 1.25 million) and UNIQA Life (EUR 0.5 million).

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