In terms of claims, overall, total incurred claims by 14.58% y-o-y to HUF 805.46 billion (EUR 2.01 billion): life incurred claims increased by 8.86% y-o-y to HUF 464.28 billion, while the same indicator in non-life totaled HUF 341.17 billion, 23.39% more y-o-y.
Insurance companies' after-tax profit decreased from HUF 82.58 billion in 2021 (~EUR 223 million) to HUF 35.84 billion in 2022 Q1-Q4 (EUR 89.5 million), which indicates a 56.6% decline year on year, reflecting the effect of the extra tax introduced across the sector in 2022. 16 insurance companies made profits in 2022 Q1-Q4, and 6 insurers made a loss, according to MNB.
The 2022 aggregate technical result (life and non-life, summed-up) totaled HUF 51.94 billion (~EUR 130 million), vs. HUF 84.17 billion (~EUR 228 million) in 2021. Of this total, HUF 20.98 billion was related to life insurance segment (vs. HUF 24.84 billion in 2021), the remaining HUF 30.97 billion (vs. HUF 59.33 billion) being related to non-life subclasses.
At the end of 2022 Q4, the total contract portfolio of insurance companies rose by 1.15% from its level a year earlier, reflecting a growth of over 168,000 in the number of new contracts. This mainly resulted from a 1.65% rise in the number of non-life insurance contracts (to 15.54 million), accompanied by a declining number of life insurance contracts (a decrease of 1.51% to 2.28 million). As a result, the total number of insurance contracts exceeded 14.81 million at the end of 2022 Q4.
At the end of 2022 Q4, the number of insurance companies subject to the Solvency II remained unchanged relative to the previous period, the number of supervised institutions was 22 (4 life insurers, 9 non-life insurers and 9 composite insurers).
Based on the residence of owners of insurance companies, foreign ownership accounted for 75% within life insurers and 100% within composite insurers in 2022 Q4. This ratio for non-life insurance companies was only 56%.
The concentration of life insurance companies was unchanged in 2022 Q4 from a year earlier: while the top five life insurance companies continued to account for 61% of technical provision under the Solvency II capital standard in 2022 Q4, same as a year earlier. Similarly, the share accounted for by the top five insurance companies, active in the non-life business, of total premium income also remained unchanged, at 72% relative to a year earlier.
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