October 4 (SeeNews) - Bulgarian life insurance companies generated a combined net profit of 23.4 million levs ($11.8 million/12 million euro) in the first half of 2022, compared to a net profit of some 7.3 million levs a year earlier, data from the Financial Supervision Commission (FSC) showed on Tuesday.
Life insurers' gross written premiums (GWP) went up 7.8% year-on-year to 319.3 million levs at the end of June, the Financial Supervision Commission (FSC) said in a monthly data release.
Life insurance premiums connected with investment funds edged up to 252.2 million levs in the review period from 246.4 million levs in the like period of 2021. Gross premiums on newly underwritten contracts decreased to 98.6 million levs from some 115 million levs a year earlier.
The four biggest life insurers held a market share of 88.1% in terms of GWP in the six months through June. There were ten life insurance companies active in Bulgaria at the end of June.
DZI Life Insurance, with gross premiums of 95.2 million levs, and Bulstrad Life Vienna Insurance Group, with just over 83 million levs, were the biggest players on the Bulgarian life insurance market. Their market shares were 29% and 26%, respectively.
Allianz Bulgaria Life, with some 68 million levs in GWP, and UNIQA Life, with 37.6 million levs, had respective market shares of 21.3% and 11.8%.
Allianz paid the largest share of life, accident or illness compensations, 28.0% or some 36.7 million levs, while DZI Life Insurance paid out 30.7 million levs. A total of 105.1 million levs were paid out by the ten life insurers.
The total assets of the life insurers in Bulgaria went up to 2.47 billion levs at the end of June from 2.27 billion levs a year earlier.
(1 euro = 1.95583 levs)