Hungary: Insurers' Q3 net profits compressed to EUR 171 million

9 December 2021 —
At the end of September 2021, the aggregate market gross profit of Hungarian insurers decreased by 5.8% y-o-y to HUF 66.3 billion the equivalent of EUR 184 million (vs. HUF 70.5 billion), according to the quarterly statistics published by the Central Bank of Hungary. At the same time, the value of net profit decreased by 6.3% y-o-y to HUF 61.8 billion (~EUR 171.4 million).

The Q3 2021 aggregate technical result (life and non-life, summed-up) totaled HUF 54.6 billion (EUR 151.4 million), down by 1.5% vs. September 2020 (HUF 55.4 billion). Of this total, HUF 17.8 billion was related to life insurance segment (vs. HUF 19.6 billion), the remaining HUF 36.7 billion (vs. HUF 35.8 billion) being related to non-life subclasses.

At the end of September 2021, on the Hungarian insurance market were active 22 insurers: 4 specialized life insurers, 9 non-life, and 9 composite insurers.

Hungarian insurers posted aggregate Q3 2021 GWP worth HUF 1001.2 billion (~EUR 2.8 billion), rising by nearly 11.6% y-o-y (more details here). During the analyzed period, the life insurance business accounted for 44% and the non-life insurance business for 56% of total GWP.