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.

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