According to the National Bank of Moldova (NBM), total assets of insurance companies at the end of 2025 amounted to MDL 5.9 billion, 7.1% increase y-o-y. Liquid assets amounted to MDL 3.64 billion (+12.5%), representing 61.8% of total insurance company assets. The ratio of liquid assets to total technical reserves on the market was 105.2%.
All licensed insurance companies recorded solvency ratios above 100%. The average solvency ratio for accident insurance decreased by 10.9 percentage points compared to the end of the previous year, reaching 164.5%, with insurers reporting solvency ratios ranging from 122.7% to 196.7%. Life insurance recorded a solvency ratio of 603.8%, down 51.2 percentage points from the end of 2024.
Over the reporting period, insurance companies' equity capital amounted to MDL 1.4 billion, a 3% decrease y-o-y. In non-life insurance, equity capital amounted to MDL 1.16 billion (-3.1%), while in life insurance, equity capital amounted to MDL 238.1 million (-2.7%).
According to the NBM, all insurance companies recorded liquidity ratios above 1 for each insurance class, with non-life insurance ratios ranging from 1.49 to 4.43. On average, the non-life liquidity ratio decreased from 3.4 to 3.3, while for life insurance, it fell from 16.4 to 15.6.
At the end of last year, insurance companies' gross technical reserves amounted to MDL 3.46 billion, up 9.1% y-o-y. The net operating ratio (ROC), calculated based on cumulative data for all non-life insurance LoBs, was 103.5% in 2025, up 7.9 percentage points. At the market level, net operating result for 2025 was positive: net profit amounted to MDL 72.9 million, down 75.2% y-o-y. Seven insurance companies reported net operating profits, while two insurers recorded net losses. Return on equity (ROE) in the insurance sector was 3.9%, down 12.7 percentage points from 2024. Return on assets (ROA) was 1.3%, down 4.2 percentage points.
In 2025, the Victims Protection Fund (FPVS) recorded contributions of MDL 11.4 million (1% of GWP received for domestic MTPL), down 4.9% due to a decrease in domestic motor third-party liability insurance. The total amount of compensation paid in 2025 was MDL 10.2 million, of which 90% is for material damage and 10% for bodily injury.
Contributions to the Compensation Fund amounted to MDL 22.5 million (5% of GWP received for external civil liability insurance), a 3.4% decrease y-o-y, due to a decline in gross insurance premiums received for external civil liability insurance. The total amount of compensation paid was MDL 14 million, of which 5.7% related to bodily injury and 94.3% to material damage. Total compensation paid in the reporting period increased by 20.7% y-o-y.
* 1 EUR = MDL 19.7597 (December 31st, 2025)
7744 views
