Bulgarian life insurers lower H1 net profit on 14.3% decrease in GWP

Life insurers' gross written premiums (GWP) dropped by an annual 14.3% to 227.5 million levs in the January-June period of 2020, financial regulator data, published on Friday, showed.

The decrease in GWP was mostly driven by sickness insurance premiums, which fell to 39.3 million levs from 61 million levs in the first six months of 2019.

The four biggest life insurers had a combined market share of 85.6% in terms of GWP in the review period.

Bulstrad Life Vienna Insurance Group and DZI Life Insurance were the biggest players on the life insurance market with gross premiums of 60.8 million levs and 60.6 million levs, respectively. They held market shares of 26.7% and 26.6%, respectively. 

Allianz Bulgaria Life and UNIQA Life followed with market shares of 20.6% and 11.7%, respectively.

The total assets of life insurers in the country grew to 1.95 billion levs at the end of June from 1.82 billion levs a year earlier.

(1 euro = 1.95583 levs)