STATISTICS: Hungary: insurers' Q1 net profits compressed to EUR 18.6 million

21 June 2023 — Andrei VICTOR
STATISTICS: Hungary: insurers' Q1 net profits compressed to EUR 18.6 million
The aggregate Q1 GWP reported by Hungarian insurers totaled HUF 421.71 billion (~EUR 1.10 billion), 6.57% more y-o-y, according to the Q1 statistics published by the Central Bank of Hungary. The life insurance business accounted for 35.85% and the non-life insurance business accounted for 64.15% of total premium income.

In terms of claims, overall, total incurred claims (payments and change of reserves summed-up) increased by 1.81% y-o-y to HUF 193.81 billion. Life incurred claims totaled HUF 112.33 billion, while the same indicator in non-life totaled HUF 81.48 billion.

At the end of March 2023, on the Hungarian insurance market were active 22 insurers: 4 specialized life insurers, 9 non-life, and 9 composite insurers.

According to the Q1 statistics, at the end of March 2023 the aggregate market gross profit of Hungarian insurers decreased by 60.79% y-o-y to HUF 8.56 billion the equivalent of EUR 22.5 million (vs. HUF 21.83 billion). The value of net profit decreased by 65.10% y-o-y to HUF 7.09 billion (EUR 18.6 million) vs. HUF 20.32 billion in March 2022.

At the same time, the technical result (life and non-life, summed-up) was down by 44.25% y-o-y to HUF 9.77 billion (EUR 47.40 million) vs. HUF 17.52 billion a year before. Of HUF 9.77 billion, HUF 4.40 billion was generated by the life insurance segment, the remaining HUF 5.37 billion being accounted by non-life insurers.

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