Bulgarian life insurers lower 9-mo net profit on 13.3% decrease in GWP

Life insurers' gross written premiums (GWP) dropped by an annual 13.3% to 327.3 million levs in the January-September period of 2020, Financial Supervision Commission data, published on Friday, showed.

The decrease in GWP was mostly driven by sickness insurance premiums, which fell to 52.5 million levs from 81.9 million levs in the first nine months of 2019.

The four biggest life insurers had a combined market share of 84.5% 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 85.7 million levs and 83.3 million levs, respectively. They held market shares of 26.2% and 25.4%, respectively.

Allianz Bulgaria Life and UNIQA Life followed with market shares of 21% and 11.9%, respectively.

The total assets of life insurers in the country grew to 2 billion levs at the end of September from 1.89 billion levs a year earlier.

(1 euro = 1.95583 levs)