Life insurance GWP increased by 6.9% to HUF 118.6 billion (EUR 378 million), while non-life GWP increased by 9.3% to HUF 156.9 billion (EUR 502 million), as the quarterly figures reveal.
MNB emphasized the positive dynamic registered in case of the premium income indicator to an aggregate value of HUF 275.5 billion vs. HUF 254.7 billion in Q1 2017 or HUF 244.9 billion in Q4 2017: "The reason for the high value is the fact that premiums are paid once a year in certain product groups of the non-life insurance business, i.e. the entire amount of the annual premium is usually paid in the first quarter of the year. This is a usual phenomenon in the first quarter of every year. 43% of the Q1 premium income originated from the life insurance business, whereas 57% thereof came from the non-life insurance business".
In terms of damages, the value of incurred claims amounted to HUF 90.8 billion for life insurance contracts (+2.5% y-o-y) and HUF 50.8 billion for non-life policies, 3.7% less y-o-y. Overall, during Q1 2018, insurers paid out an aggregate HUF 141.6 billion of claims, up by 0.15% y-o-y.
According to the MNB published statistics, the aggregate market gross profit increased by 41.3% y-o-y to HUF 23.7 billion (EUR 75.9 million), while the value of net profit was up by 41.2% to HUF 22.2 billion (EUR 71.2 million). At the same time, the technical result was HUF 18.3 billion (EUR 58.7 million) vs. HUF 11.6 billion a year before.
At the end of March 2018, the number of insurance contracts in force was up by 3.6% (or by about 480 thousand units) y-o-y to 13.50 million. There were 2.39 million life insurance contracts and 11.11 million non-life policies.
Access www.xprimm.com and download the Q1/2018 Hungarian insurance market statistics.