Insurance companies revenue rises, profit drops in year to Q3
Hungary's insurance sector had after-tax profit of HUF 4.9 bln on HUF 195.6 bln of revenue from premiums in the third quarter, data published by the National Bank of Hungary (MNB) yesterday show. Third-quarter profit fell 44% and revenue from premiums rose 7.6% from the same period a year earlier.
After-tax profit in Q1-Q3 fell 10.3% to HUF 20.6 bln. Tax obligations fell slightly in the period. Revenue from premiums rose 3.4% to HUF 630.7 bln. Third-quarter revenue rose over the 1.9% year-on-year increase in the number of policies, which totalled 11,979,000 at the end of September.
Third-quarter revenue fell 1.1% compared to the second quarter as a 3.4% rise in non-life revenues did not offset a 4.6% drop in revenues of the life segment. Total and per-policy revenue rose both in the life insurance segment while revenue rose at a slower pace, and only slightly faster than the number of policies in the non-life segment.
Third-quarter revenue from life policies was up 11.9% year-on-year at HUF 106.7 bln, and revenue from the non-life business rose 2.9% to HUF 88.9 bln. The number of life policies fell 0.6% in the 12 months to September, and the number of non-life policies rose 2.6%. The sector's warranty capital fell from a year earlier to HUF 223.8 bln at the end of September in the life segment, but was still more than double of the legal minimum requirement. Warranty capital for the general insurance segment, at HUF 211.6 bln was also more than double the legal minimum.
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