Bulgarian life insurance companies lowered their combined net profit to 21.1 million levs ($12.7 million/10.8 million euro) in 2020 from 28.6 million levs in 2019, according to data released by the financial regulator.
Life insurers' gross written premiums (GWP) fell by 10.4% to 446.7 million levs last year, Financial Supervision Commission data, published on Friday, showed.
The decrease in GWP was mostly driven by sickness insurance premiums, which fell to 68.2 million levs in 2020 from 109.2 million levs in 2019.
The four biggest life insurers had a combined market share of 83.1% in terms of GWP in 2020.
DZI Life Insurance and Bulstrad Life Vienna Insurance Group were the biggest players on the life insurance market with gross premiums of 113.9 million levs and 104.1 million levs, respectively. They held market shares of 25.5% and 23.3%, respectively.
Allianz Bulgaria Life and UNIQA Life followed with market shares of 22.6% and 11.7%, respectively.
The total assets of life insurers in the country grew to 2 billion levs at the end of 2020 from 1.9 billion levs a year earlier.