The Hungarian insurance sector’s cumulative premium income amounted to HUF 1,695.5 billion in 2024 (EUR 4.13 billion), 12.4% higher y-o-y, data provided by the National Bank of Hungary show. While the life insurance premium income rose by 11%, non-life GWP increased by13.2%.

Single premium accounted for 8.6% of life insurance business’ cumulative premium income and ad hoc premium amounted to 16.5%. 

In 2024 the insurance sector’s aggregated technical income was 66% higher y-o-y. This reflected an increase of HUF 0.4 billion and HUF 33.8 billion in technical income of the life insurance and in non-life insurance businesses, respectively, relative to a year earlier. 

According to the profitability data of the insurance companies, it is seen that based on the return on equity (ROE) values in 2024 there were 3 insurers with an ROE value below 0% compared to 7 in the previous year. There are 12 insurers with ROE values between 0% and 10%, 6 companies had ROE values between 11% and 20% as opposed to 2023 (7, 7), and two companies had values between 21% and 30% compared to the one a year earlier. As seen in 2023, no insurance company had a ROE of over 30% in 2024 Q1-Q4. 

Insurers' after-tax profit for 2024 Q1-Q4 amounted to HUF 47.8 billion, showing an increase of 119.1% compared to the figure seen in the previous year. Twenty insurance companies made profits in 2023 Q1-Q4, and three insurers made a loss.  

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