Q1 Life Insurance Premium Income Down 7%
Premium income from life insurance shrank by nearly 7% year-on-year to HUF 151.2 billion in the first quarter, according to data published by the National Bank of Hungary (MNB) on its website earlier this week.
On the other hand, the excellent performance of the non-life insurance business saved the entire market from a downturn, where total premium income increased by 6.6% to HUF 421.7 bln in one year.
According to the MNB's data, life insurance risk schemes are primarily to blame for the decline since the statistics show a fee income of only HUF 10.2 billion, compared to more than HUF 28 bln a year earlier.
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