According to the Q1 statistics published by the Central Bank of Hungary, at the end of March 2022 the aggregate market gross profit of Hungarian insurers decreased by 11.23% y-o-y to HUF 21.83 billion the equivalent of EUR 59 million (vs. HUF 24.59 billion).

The value of net profit decreased by 10.58% y-o-y to HUF 20.32 billion (EUR 55 million).

At the same time, the technical result (life and non-life, summed-up) was down by 15.94% y-o-y to HUF 17.52 billion (EUR 47.40 million) vs. HUF 20.84 billion a year before.

The aggregate Q1 GWP reported by Hungarian insurers totaled HUF 395.68 billion (~EUR 1.07 billion), 9.82% more y-o-y. The life insurance business accounted for 40.99% and the non-life insurance business for 59.01% of total premium income.

In terms of claims, overall, total incurred claims (payments and change of reserves summed-up) increased by 10.63% y-o-y to HUF 190.36 billion. Life incurred claims totaled HUF 122.30 billion, while the same indicator in non-life totaled HUF 68.06 billion.

At the end of March 2022, on the Hungarian insurance market were active 22 insurers: 4 specialized life insurers, 9 non-life, and 9 composite insurers.