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Uniqa sees flat profits for 2011

Austrian-owned Hungarian insurer Uniqa Biztosito had pre-profit of HUF 536m in 2010 and expects to close this year with about the same, CEO Othmar Michl said at a press conference on Friday.

Excluding the effect of the extraordinary tax on financial sector companies, Uniqa had pre-tax profit of HUF 2.4bn in 2010. This year, it targets pre-tax profit of HUF 2.3bn of which HUF 1.66 will be paid on the extraordinary levy.

Uniqa had revenue from premiums of almost HUF 56bn in 2010, making it the sixth-biggest player on the market. Revenue from premiums on life insurance policies rose 10pc to HUF 24bn. Revenue from premiums on general insurance policies edged up 2pc to HUF 32bn.

Revenue from premiums in the first quarter of 2011 came to HUF 16.5bn, up 4.5pc from the same period a year earlier. Uniqa had 6.8pc market share during the period.