March 9 (SeeNews) - The total net profit of life insurance companies in Bulgaria grew to 63.9 million levs ($34.45 million/32.67 million euro) in the first eleven months of 2022 from 54.2 million levs in the comparable period of 2021, the country's financial regulator said.
Life insurers' gross written premiums (GWPs) declined to 535.6 million levs in the review period from 536.2 million levs a year earlier, the Financial Supervision Commission (FSC) said in a data release on Tuesday.
Life insurance premiums connected with investment funds fell by 19.5% on the year to 174.8 million levs in the eleven months through November.
At the end of November, the largest sector players were DZI Life Insurance, part of Hungarian financial services group OTP, with gross premiums of 146.7 million levs, and Bulstrad Life Vienna Insurance Group, with 135.5 million levs in GWPs. Their respective market shares were 27.4% and 25.3%.
They were followed by Allianz Bulgaria and UNIQA Life, with market shares of 21.7% and 12.2%, respectively. There were a total of ten life insurance companies active in Bulgaria as of the end of November.
The total assets of life insurers in Bulgaria went down to 2.51 billion levs at the end of November from some 2.60 billion levs a year earlier.
(1 euro = 1.95583 levs)