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K&H Insurance market share, premium revenues grow in H1

Hungary’s K&H Insurance's market share and revenue from premiums grew in both its life and general insurance divisions in the first half of 2008.

K&H Insurance's life division had revenue from premiums of Ft 9 billion in the first half of 2008, a little over 3.3% more than in the same period a year earlier. The division's market share grew to 3.6% in H1 from 2.6% in Q1, CEO Luc Cools said at a press conference on Thursday.

Revenue from premiums of the general insurance division inched up 2.4% to Ft 9.2 billion. The segment's market share was 4% in H1, up from 3.7% in Q1. Mandatory vehicle policies make up 60% of the portfolio, but the insurer aims to reduce this to 50% in the mid-term, Cools said.

The general insurance segment took over more than 28,000 former mandatory insurance policy holders of MÁV ÁBE, a troubled insurer that lost its license in July. The stock of K&H Insurance's mandatory insurance policies rose by 6,000 a month in the second quarter. (MTI – Econews)