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.
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