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Hungarian insurers' revenue from premiums falls 6% in Q1

Hungarian insurers' combined revenue from premiums fell 6.3% to HUF 230.5 billion in the first quarter from the same period a year earlier, the Hungarian Insurers Association (MABISZ) said on Thursday.

Fifteen of the association's 29 insurers had less revenue from premiums during the period.

Revenue from premiums on general insurance policies edged down to HUF 124 billion but revenue from premiums on life policies dropped to HUF 105 billion from HUF 118 billion MABISZ said.

Revenue from premiums on mandatory vehicle insurance policies was down HUF 1.5 billion. Revenue from premiums on comprehensive vehicle insurance slipped HUF 3.4billion.

Revenue from premiums of Hungary's biggest insurer, Allianz, fell 16% to HUF 52.3 billion. Revenue from premiums of runner-up Generali Providencia dropped 5% to HUF 34.3 billion. Revenue from premiums at Groupama Garancia, in third place, was down 6% at HUF 22.5 billion.

Revenue of Hungary's CIG Pannonia was not included in the data because of reporting requirements for the company which is listed on the Budapest Stock Exchange, MABISZ said.

CIG Pannonia Life Insurance said in April its revenue from premiums came to more than HUF 8 billion in Q1, up a little more than 50% from the same period a year earlier.