STATISTICS: Hungary: H1 market profit increased to EUR 146 million

23 September 2021 —
STATISTICS: Hungary: H1 market profit increased to EUR 146 million
Hungarian insurers' H1 2021 GWP rose 11.46% year-on-year to HUF 686.81 billion (EUR 1.94 billion), according to the quarterly statistics published by the National Bank of Hungary (MNB).

Revenue from premiums on life insurance policies increased in local currency by more than 18% y-o-y to HUF 306.31 billion (EUR 870 million), while non-life GWP rose 6.6% to HUF 377.5 billion (EUR 1.7 billion). About 45% of premium income originated from the life insurance business and 55% from the non-life insurance business.

At the end of 2021 Q2, the total contract porolio of insurance companies rose by 0.8% from its level a year earlier, reflecting over 108,800 increase in new contracts to 14,496,469. This mainly resulted from a 1.02% rise in the number of non-life insurance contracts (to 12,161,353), accompanied by a somewhat declining number of life insurance contracts (a decline of 0.6% to 2,335,116).

In terms of claims, overall, total incurred claims (payments and change of reserves summed-up) increased by 10.19% y-o-y to HUF 341.93 billion. Life incurred claims was up by 11.13% y-o-y, while the same indicator in non-life totaled HUF 126.22 billion, 8.62% more y-o-y.

MNB H1 statistics show that at the end of June 2021 the aggregate market gross profit of Hungarian insurers increased by 3.67% y-o-y to HUF 55.45 billion the equivalent of EUR 157.58 million (vs. HUF 53.49 billion). At the same time, the value of net profit increased by 2.1% y-o-y to HUF 51.40 billion (EUR 146 million).

The technical result (life and non-life, summed-up) increased by 15.88% y-o-y to HUF 47.34 billion vs. HUF 40.86 billion a year before, of which HUF 11.17 billion - life insurance, and HUF 36.17 billion - non-life.

At the end of June 2021, on the Hungarian insurance market were active 22 insurers: 5 specialized life insurers, 9 non-life, and 8 composite insurers.

Access and download the latest Hungarian insurance market statistics.