STATISTICS: HUNGARY 1Q2022: aggregated net profit fell to EUR 59 million while the quarterly business exceeds EUR 1 billion

16 June 2022 — Andrei Victor
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.

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