STATISTICS: Hungary 1H2022: market profit halved to EUR 67 million

22 September 2022 — Andrei Victor
Hungarian insurers' H1 2022 GWP rose by 14.81% y-o-y to HUF 785.43 billion (EUR 1.98 billion), according to the quarterly statistics published by the National Bank of Hungary (MNB).

Life insurance segment was up by 15.74% y-o-y to HUF 354.88 billion (EUR 895 million), while non-life GWP rose 14% to HUF 430.55 billion (EUR 1.7 billion). About 45% of premium income originated from the life insurance business and 55% from the non-life insurance business.

In terms of claims, total incurred claims (payments and change of reserves summed-up) increased by 20.96% y-o-y to HUF 413.61 billion. Life incurred claims was up by 17% y-o-y, while the same indicator in non-life totaled HUF 161.24 billion, 27.73% more y-o-y.

At the end of June, the total number of policies rose by 2.6% from its level a year earlier (+377,185 contracts) to 14,873,655. This mainly resulted from a 3.32% rise in the number of non-life insurance contracts (to 12,564,558), while the number of life insurance contracts declined by 1.11% to 2,309,097.

The technical result (life and non-life, summed-up) decreased by 45.71% y-o-y to HUF 25.71 billion vs. HUF 47.35 billion a year before, of which HUF 12.29 billion - life insurance, and HUF 13.42 billion - non-life.

MNB H1 statistics show that at the end of June 2022 the aggregate market gross profit of Hungarian insurers was down by 49.58% y-o-y to HUF 27.96 billion the equivalent of EUR 70.46 million (vs. HUF 55.45 billion). At the same time, the value of net profit decreased by 48.28% y-o-y to HUF 26.59 billion (EUR 67 million).

At the end of June 2022, 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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