Magyar Posta insurers report Ft 11.6 bln nine-month revenue
Friday, November 4, 2005, 16:09
The two insurance companies of Hungary's state-owned post Magyar Posta Rt had combined premium revenue of Ft 11.58 billion in the first nine months of 2005, Magyar Posta CEO Anett Pandurics announced on Friday. The two companies, Magyar Posta Insurance, a provider of general insurance, and Magyar Posta Life Insurance, aim to be just behind the top five insurers in Hungary by 2010, with annual premium revenue of Ft 40 billion. Currently, the two companies share a little more than 2% of the market, based on the sector's combined premium revenue of Ft 510.4 billion in January-September, as calculated by the Alliance of Hungarian Insurers (Mabisz).
The two companies have acquired more than 260,000 clients during their two and half years of operation, Pandurics said. The insurers sell their products exclusively in post offices, counting among their potential clients the 1 million Hungarians who visit post offices each working day.
Magyar Posta Insurance had premium revenue of Ft 4.65 billion in the first nine months of 2005, more than twice that in the same period a year earlier. Magyar Posta Life Insurance had premium revenue of Ft 6.92 billion during the period, compared to Ft 6.27 billion one year earlier.