STATISTICS: Hungary: Insurers' Q3 profits expanded to almost EUR 200 million

21 January 2021 — Andrei Victor
According to the quarterly MNB published statistics, at the end of September 2020 the aggregate market gross profit of Hungarian insurers was up by 27.20% y-o-y to HUF 70.45 billion the equivalent of EUR 193 million (vs. HUF 55.39 billion), while the value of net profit increased to HUF 65.96 billion (EUR 180 million).

At the same time, the technical result increased by 41.76% y-o-y to HUF 55.41 billion vs. HUF 39.09 billion a year before, while the sector's January-September GWP amounted to HUF 897.62 billion (~EUR 2.5 billion), rising by 4.11% y-o-y. This reflected a 2.42% growth in life insurance and a 5.39% increase in non-life. The life insurance business accounted for 42.40% and the non-life insurance business for 57.60% of the total GWP.

At the end of 2020 Q3, the total contract portfolio of insurance companies rose by nearly 1% from its level a year earlier, exceeded 14.41 million - reflecting more than 193,000 increase in new contracts. This mainly resulted from a 1.4% rise in the number of non-life insurance contracts, accompanied by a somewhat declining number of life insurance contracts (a decline of 1.5%).

At the end of September 2020, on the Hungarian insurance market were active 22 insurers: 5 specialised life insurers, 9 non-life, and 8 composite insurers.

Access xprimm.com and download the 3Q2020 Hungarian insurance market statistics.

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