Insurance revenue up 6.7% in 2015, data shows

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Insurance intermediaries had a total revenue of HUF 69.66 billion in 2015, up by 6.7% compared to 2014, fresh data published by the National Bank of Hungary (MNB) shows, according to Hungarian news agency MTI.

Intermediaries had a HUF 8.19 bln after tax profit last year, which grew by 18.3% compared to 2014. After tax profit in the sector has been steadily growing since 2012, when it stood at HUF 2.76 bln. 

Intermediariesʼ gross income from commissions for the 2015 financial year reached HUF 53.77 bln, down 4.2% from 2014. Income from life insurance scheme commissions was down almost 19% at HUF 18.66 bln, but income from non-life insurance commissions rose by 6% to HUF 35.10 bln.

Last year, intermediaries mediated 74,300 life and 1,611,200 non-life regular premium payment contracts. The number of newly signed contracts was down 8% and up 7.5% respectively.

The annual premium from regular life insurance contracts was down 13.6% at HUF 14.83 bln and down 10.2% for non-life insurance contracts at HUF 80.78 bln.

Single premium payment life contracts signed last year numbered 24,000 and non-life contracts 336,500. The annual premium from these was put at HUF 18.71 bln and HUF 8.76 bln respectively.

At the end of 2015 there were 427,700 active regular premium payment life insurance contracts and 4,028,900 active non-life contracts. The number of life insurance contracts was up 6.2% annually, but non-life contract numbers only rose 1.6%.

Total annual contract premium for life insurance contracts was at HUF 93.53 bln and at HUF 217.42 bln for non-life contracts. Both figures were down compared to the end of 2014, by 22% and 37% respectively.

There were 446 intermediaries active at the end of 2015 compared to 456 at the end of 2014. Of the 446 intermediaries, 437 fulfilled their reporting obligation towards the MNB.

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