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Bulgarian insurers' assets grow by 10.3% in 2017

Author Mario Tanev
Bulgarian insurers' assets grow by 10.3% in 2017 Photo by Dennis Jarvis.

SOFIA (Bulgaria), March 12 (SeeNews) - The assets managed by Bulgarian insurance companies increased to 7.30 billion levs ($4.6 bilion/3.7 billion euro) at the end of 2017, up 10.3% year-on-year, the country's central bank said on Monday.

On a quarterly comparison basis, the assets managed by Bulgarian insurers decreased by 2.3%, the Bulgarian National Bank (BNB) said in a quarterly insurance sector report.

The assets of general insurance companies grew by 9.9% on the year to 5.26 billion levs as at end-December, while the assets managed by life insurance companies increased by an annual 11.1% to 2.03 billion levs.

The assets of general insurance companies made up 72.1% of the total, while the assets of life insurance companies formed 27.9%.

Securities other than shares formed 51.5% of the insurance companies' assets, which compares to 52.1% at end-2016. Shares accounted for 12.9% of insurers' total assets, while claims from insurance operations constituted 10.3%.

Assets invested in other EU member states grew by 12.1% on the year, reaching 3.31 billion levs at end-2017. Their share increased to 45.4% of total assets, up from 44.6% at end-2016.

(1 euro=1.95583 levs)