Bulgarian life insurers lower Jan-Oct combined net profit

Bulgarian life insurers lower Jan-Oct combined net profit

Bulgarian life insurance companies lowered their combined net profit to 21.9 million levs ($13.4 million/11.2 million euro) in the first ten months of 2020 from 35.6 million levs in the same period of 2019, according to data released by the financial regulator.

Life insurers' gross written premiums (GWP) fell by 52.3 million levs to 360.8 million levs in the January-October period of 2020, Financial Supervision Commission data, published on Wednesday, showed.

The decrease in GWP was mostly driven by sickness insurance premiums, which fell to 57.9 million levs from 89.8 million levs in the first ten months of 2019.

The four biggest life insurers had a combined market share of 84.4% in terms of GWP in the review period.

DZI Life Insurance and Bulstrad Life Vienna Insurance Group were the biggest players on the life insurance market with gross premiums of 94.6 million levs and 89.9 million levs, respectively. They held market shares of 26.2% and 24.9%, respectively.

Allianz Bulgaria Life and UNIQA Life followed with market shares of 21.3% and 12%, respectively.

The total assets of life insurers in the country grew to 2 billion levs at the end of October 2020 from 1.9 billion levs a year earlier.

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