Bulgarian Insurers Register BGN 71 M Profit in 2011

The 43 licensed insurance companies in Bulgaria registered a combined total profit of BGN 71. M in 2011, according to data of the National Statistical Institute announced Thursday.

This result is an increase in the profit of the Bulgarian insurers by BGN 63 M compared with their profit in 2010, the data indicates.

Bulgaria's general insurance sector's profit in 2011 amounted to BGN 61.3 M, while life insurance made BGN 9.7 M.

The assets of the 43 licensed insurers in Bulgaria amount to a combined total of BGN 3.116 B, according to NSI.

Their 2011 turnover was BGN 1.709 B, up by 0.8% year-on-year, with life insurance registering a turnover increase of 3.8%, while general insurance declined by 0.2%.

NSI data shows there were 9 retirement insurance companies active in Bulgaria in 2011, with total assets amounting to BGN 161.3 M, a 10.6% year-on-year increase.

In 2011, the Bulgarian retirement insurance companies had a total turnover of BGN 80.1 M, and a total profit of BGN 22.7 M, up by 14% compared with 2010.

Bulgaria's pension funds who presented reports to the national statistical service in 2011 are 28, with assets totaling BGN 4.6 B, up by 15% year-on-year. Their investments total BGN 4.233 B, up by 13.7% compared with 2010.

There were a total of 3 994 000 Bulgarians with pension insurance in the pension funds as of December 31, 2011. Their contributions totaled BGN 837.7 M in 2011, a 8% increase year-on-year.

A total of 249 specialized investment firms presented reports to NSI for 2011; their combined assets are estimated at BGN 9.024 B in 2011, up by 33% compared with 2010.

Their combined turnover in 2011 amounted to BGN 654 M, up by 7.8% year-on-year, while the net profit was BGN 56.2 M.

In 2011, the assets of the 20 licensed health insurance providers in Bulgaria amounted to BGN 82.5 M, up by 5.3% year-on-year. Their total turnover was BGN 40.4 M, a decline by 4.2%, while their combined financial result was a net loss of BGN 0.5 M, compared with a net loss of BGN 1.3 M in 2010.

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