site.btaInsurance Companies Report BGN 239 Mln in Total Profit in 2021

In 2021, insurance companies in Bulgaria reported a positive financial result of BGN 239 million, the National Statistical Institute (NSI) said on Wednesday. In the life insurance sector, a profit of BGN 52 million was realized, while in the non-life insurance sector the profit was BGN 187 million.

In 2021, the NSI received 251 annual reports from special investment purpose companies (investment intermediaries, investment companies, management companies, mutual funds, companies limited by shares with special purpose, alternative investment funds, national investment funds), with a total balance value of their assets at BGN 12,273 million as of December 31, 2021. Foreign assets received (securities and cash to customers) amounted to BGN 7,493 million.

Last year's income of special investment purpose companies totalled BGN 1,628 million, and their financial result for the year was a profit of BGN 266 million.

According to early data, 9,967 associations and foundations submitted annual reports for 2021 to the NSI. The balance value of their assets as of December 31, 2021 amounted to BGN 1 417 million. Their total revenues from non-profit activities in 2021 were BGN 749 million at current prices, and their revenues from regular activities were BGN 710 million.

The members of associations and foundations as of December 31, 2021 were 2,319,255, of which 190,450 were legal entities and 2,128,805 were individuals. Working volunteers numbered 48,151; they worked a total of 1,876,384 hours.

Ten pension companies were active in 2021, with a balance value of assets as of December 31, 2021 at BGN 538 million. The operating income of pension companies in 2021 was BGN 332 million, and their profit amounted to BGN 73 million.

A total of 4,849,242 persons were insured at supplementary pension funds as of December 31, 2021, and the gross receipts from contributions were BGN 2,042 million.

Twenty-eight supplementary pension funds submitted annual reports to the NSI for the year in review, of which 18 were compulsory (9 universal and 9 professional funds), and 10 were voluntary, as well as 16 funds for making payments, of which 9 deferred funds and 7 funds for the payment of lifetime pensions. The balance value of assets of supplementary pension insurance funds as of December 31, 2021 was BGN 19,618 million, and investments reached BGN 17,745 million. The balance value of assets of funds for making payments was BGN 13 million as of December 31, 2021, and investments amounted to BGN 3 million.

Insurance companies had a turnover of BGN 3,290 million in 2021. The figure is based on data from a total of 45 licensed insurers that submitted an annual report to the NSI. The balance value of their assets as of December 31, 2021 was BGN 8,590 million.