DZI Life Insurance EAD (Bulgaria)

The State Insurance Institute (DZI) was set up in 1946 when 11 foreign and 19 Bulgarian insurance companies were nationalized. The company is specialized in life insurance and reinsurance.
In May 1998 the State Insurance Institute and its subsidiary DZI General insurance obtained operational licences. In October DZI was transformed to 100% state-owned public company. In August 2002 the Privatisation Agency sold 80% of DZI to the local consultancy firm Kontrakt Sofia. The acquisition was at the amount of EUR 21.523 million. The remaining 20% stake was released for trade on the Bulgarian Stock exchange. In October the State Insurance Institute - DZI was renamed to DZI Insurance. In 2003 the company established its health insurance subsidiary. Belgium-based banking and insurance group KBC acquired 70% stake of DZI Insurance for EUR 185 million in August 2007. The Belgian financial group also took control over the DZI Invest brokerage company and DZI Health Insurance. In October KBC raised its stake in the insurer to 86.99%. DZI operates through more than 100 outlets throughout the country.