Bulgarian insurers' assets grow 8.4% y/y at end-2020

Bulgarian insurers' assets grow 8.4% y/y at end-2020

The assets managed by Bulgarian insurance companies increased 8.4% on an annual comparison basis to some 9.2 billion levs ($5.6 billion/4.7 billion euro) at the end of last year, the country's central bank said on Friday.

On a quarterly comparison basis, the assets managed by Bulgarian insurers were 1.6% higher at the end of 2020, the Bulgarian National Bank (BNB) said in a quarterly insurance sector report.

The assets of general insurance companies added 8.5% year-on-year to 6.5 billion levs as at the end of 2020, while the assets managed by life insurance companies grew 8.2% to 2.7 billion levs. The assets of general insurance companies made up 70.8% of the sector's total.

Securities other than shares formed 49.6% of the insurance companies' assets as at end-2020, down from 49.9% a year earlier.

Shares accounted for 14.9% of insurers' total assets at the end of last year, while claims from insurance operations constituted 12.6%.

The number of insurance companies active in Bulgaria fell to 50 at the end of 2020 from 52 a year earlier.

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