The report, published on the website of the Budapest Stock Exchange, said that the impairment followed the Hungarian government’s decision to extend the sectoral tax on insurance until the end of 2026, as well as ongoing regulatory uncertainty.
Despite the impairment, the Extended CEE segment – which includes Hungary and 11 other countries – posted an adjusted operating result of EUR 171 mln, up from EUR 122.5 mln a year earlier.
Insurance service revenue in the region rose 8.6% y.o.y. to EUR 1.88 billion, driven by growth in motor and unit-linked life insurance.
VIG said Hungary recorded positive developments in its combined ratio, contributing to an overall improvement in the Extended CEE segment’s net combined ratio, which fell to 93.1% from 95.7% a year earlier.
Group-wide, gross writte n premiums rose 8.7% to EUR 8.57 bln, while pre-tax profit climbed 10.5% to EUR 531.4 mln. VIG reaffirmed its full-year profit guidance at the upper end of its EUR 950 mln-1 bln range.
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