In terms of claims, overall, total incurred claims by 7.1% y-o-y to HUF 703 billion (EUR 1.9 billion): life incurred claims increased by 8.1% y-o-y to HUF 426 billion, while the same indicator in non-life totaled HUF 277 billion, 5.8% more y-o-y.
Insurance companies' after-tax profit was nearly HUF 80.15 billion (EUR 217.2 million) in 2021 Q1-Q4, which indicates a decrease of nearly 2.6% year on year. 21 insurance companies made profits in 2021 Q1-Q4, and two insurers made a loss.
The 2021 aggregate technical result (life and non-life, summed-up) totaled HUF 78.8 billion (EUR 213.5 million), up by 1.3% vs. December 2021 (HUF 77.8 billion). Of this total, HUF 22.5 billion was related to life insurance segment (vs. HUF 28 billion), the remaining HUF 56.3 billion (vs. HUF 49.8 billion) being related to non-life subclasses.
At the end of 2021, the total contract portfolio of insurance companies rose by 1.2% from its level a year earlier, reflecting over 175,300 increases in the number of new contracts. This mainly resulted from a 1.73% rise in the number of non-life insurance contracts (to 12,277,158), accompanied by a declining number of life insurance contracts (a decline of 1.43% to 2,309,823). As a result, the total number of insurance contracts approached 14.6 million at the end of 2021 Q3.
At the end of 2021 Q4, the total contract portfolio of insurance companies rose by 1.5% from its level a year earlier, reflecting a growth of over 217,500 in the number of new contracts. This mainly resulted from a 2% rise in the number of non-life insurance contracts (to 12.33 million), accompanied by a declining number of life insurance contracts (a decrease of 1.03% to 2.31 million). As a result, the total number of insurance contracts approached 14.65 million at the end of 2021 Q4.
At the end of 2021 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 specialized life insurers, 9 non-life, 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 2021 Q4. This ratio for non-life insurance companies was only 56%.
The concentration of life insurance companies was little changed in 2021 Q4 from a year earlier: while the top five life insurance companies accounted for 61% of technical reserves under the Solvency II capital standard in 2021 Q4 compared with 62% a year earlier, the share accounted for by the top five insurance companies, active in the non-life business, of total premium income rose from 71% a year earlier to 72% in 2021 Q4.
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