STATISTICS: Hungarian insurers' Q3 net profits decreased to ~EUR 31 million

18 December 2023 — Andrei VICTOR
STATISTICS: Hungarian insurers' Q3 net profits decreased to ~EUR 31 million

According to the quarterly statistics published by the Central Bank of Hungary, at the end of Q3 2023, the aggregate market gross profit of Hungarian insurers decreased by 36.5% y-o-y to HUF 14.7 billion the equivalent of EUR 37.6 million (vs. HUF 23.2 billion/EUR 55 million), according to the quarterly statistics published by the Central Bank of Hungary. At the same time, the value of net profit decreased by 42.4% y-o-y to HUF 12.1 billion (~EUR 31 million) vs. HUF 21 billion/ ~EUR 50 million.

The Q3 2023 aggregate technical result (life and non-life, summed-up) totaled HUF 25.7 billion (EUR 65.8 million), up by 11.5% vs. September 2022 (HUF 23.1 billion). Of this total, HUF 19.8 billion was related to life insurance segment, the remaining HUF 5.9 billion being related to non-life subclasses.

In terms of GWP, Hungarian insurers posted aggregate Q3 2023 GWP worth HUF 1,148 billion (~EUR 2.9 billion), up by 4.1% y-o-y. During the analyzed period, the life insurance business accounted for 37.4% (HUF 429 billion) and the non-life insurance business accounted for 62.6% of total GWP (HUF 719 billion).

At the end of September 2023, on the Hungarian insurance market were active 22 insurers: 4 specialized life insurers, 9 non-life, and 9 composite insurers.

Access xprimm.com and download the latest Hungarian insurance market statistics.
 

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