March 11 (SeeNews) - The assets managed by Bulgarian insurance companies came in at some 10.8 billion levs ($6.04 billion/5.52 billion euro) at the end of 2023, marking an annual increase of 12.4%, the central bank said on Monday.
Compared to the end of September, assets managed by Bulgarian insurers climbed by 4% or 418.8 million levs, the Bulgarian National Bank (BNB) said in a quarterly insurance sector report.
The assets of general insurance companies grew by an annual 12.8% to roughly 7.84 billion levs at the end of 2023. They represented a share of 72.6% of the total insurance assets.
Meanwhile, the assets of life insurance companies went up 11.4% to 2.96 billion levs and accounted for a share of 27.4% of overall assets.
Securities other than shares made up 46.3% of all insurance companies' assets at the end of last year, compared to 46.7% the prior year. Shares and other equity accounted for 23.2%, up from 20.5% at end-2022, while the share of receivables from insurance operations declined by 2.9 percentage points on the year to 9.7%.
There were 45 insurance companies active in Bulgaria as of the end of 2023, or one more than a year earlier. Of those, there were 12 life insurers and 33 general insurance companies.
(1 euro = 1.95583 levs)