K&H insurance unit profits more than double in 2011

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K&H Biztosító, the insurance unit of Hungary's K&H Bank, had after -tax profit of HUF 1.9 billion in 2011, up from HUF 800 million a year earlier, data published by the parent company show.

Revenue from premiums on general insurance policies rose 37% to HUF 20.4 billion.

The number of general insurance contracts rose 55% to almost 890,000. The number of mandatory vehicle insurance policies increased 74% and the number of comprehensive policies was up 51%.

K&H Biztosító CEO Luc Cools said the company was the second-biggest player on the mandatory vehicle insurance market.

Revenue from premiums on life insurance polices climbed about 22% to HUF 14.3 billion.

The number of life insurance policies edged down 0.8% to 107,375.

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