The insurer considers the drop to be temporary, CEO Anett Vadas-Földvári said at a press conference, according to Hungarian news agency MTI. The CEO attributed the drop to a decline in sales of products with one-off premiums, as revenue from such products fell by 35% to HUF 613 million due to a low-yield environment. 

Despite the drop in the first quarter, the firm expects a 5% rise in revenue from premiums by the end of the year, expectedly reaching HUF 15.1 bln, along with pre-tax profit almost tripling to HUF 363 mln.

The company foresees 2-3% growth on the life insurance market, while the market for products with one-time premiums is foreseen to contract by 5-10%. The company also anticipates the expansion of the travel insurance market by 5-10% and the health insurance market by more than 10%, according to MTI’s report.