Austrian insurer VIENNA Insurance Group (VIG) announced it will merge its three Hungarian subsidiaries - ERSTE Biztosito, UNION Biztosito and VIENNA Life Biztosito - into one company.
Hungarian insurer CIG Pannonia announced it will merge into its units (CIG Pannonia Life Insurance and CIG Pannonia First Hungarian General Insurance) the two MKB insurers recently acquired: MKB Life Insurance and MKB General Insurance.
MKB General Insurance has been fined HUF 3 million by the National Bank of Hungary (MNB) on charges of engaging in "misleading advertising practices," according to a report by state wire service MTI.
The thirty active members of MABISZ (the Hungarian insurance association) posted aggregate FY2016 GWP of HUF 920.6 billion (~ EUR 2.9 billion), up by 5.1% y-o-y, according to the association's website.
NN Group recently opened its first international innovation lab - Sparklab Hungary. Sparklab welcomes startups and freelancers in Hungary who aim to explore and expand ideas supporting the improvement of quality of life. It follows the example of several successful innovation labs in the Netherlands and will be NN's first international initiative. It is the first innovation lab in Hungary in the field of insurance. Sparklab will use lean start-up techniques and support selected ideas with coaching, mentoring, location and other resources.
CIG Pannonia Life Insurance notifies its Esteemed Shareholders and other capital market participants that the general meeting of Pannonia General Insurance decided to transfer the home insurance, condominium insurance and compulsory vehicle liability insurance portfolio to Aegon Hungary General Insurance with the effect from the date of the supervisory authorization.
Hungarian insurance market ended 2016 with GWP of HUF 886 billion (EUR 2.85 billion), about 6% up y-o-y, benefitting especially from the positive effect exerted by the MTPL premium increase on the underwriting volume.
Policyholders of unit-linked life insurance products pay an agreed sum for the unit-linked insurance to the insurance company, as a regular premium, or in one lump sum. These payments cover the life insurance component as well as the investment, administrative costs, contracting fee and the commissions. The "total cost charged" ("TCC") is an indicator - calculated in line with the rules of Hungarian insurance regulations - showing all costs charged on life insurance policies having a savings element, reflected as a percentage value. The regulation of the TCC in Hungary has been amended effective 1 January 2017.
Belgium's KBC Group booked net income of EUR 23 million at its business in Hungary in the fourth quarter, down from EUR 42 mln in the same period a year earlier as income tax expenses jumped, state news agency MTI has reported, citing an earnings report released today.
Hungarian insurers' GWP for 3Q2016 amounted to EUR 2.16 billion, 4.6% up y-o-y, the non-life segment being the growth driver, especially due to the double digit increase witnessed on the MTPL insurance line. In fact, the market evolution in 3Q maintained the same trend as in the previous quarters.
Hungary's biggest lender OTP Bank has opened a new regional headquarters in the city of Ni
Hungary's National Economy Ministry has submitted a new tax package to Parliament on October 28, providing for the 6% healthcare contribution on interest income removal for different financial product, including life insurance policies that held at least 80% of their assets in forint-denominated government securities, reports Portfolio.hu.
The acquisition of sole direct control over MKB Life Insurance by CIG
Pannonia Life Insurance, and over MKB General Insurance by CIG Pann
AXA announced today that it had completed the sale of its Hungarian banking operations to OTP bank plc. This transaction is the final step in the repositioning of AXA Bank Europe as a fully focused Belgian retail bank, serving almost one million clients and operating jointly with AXA Insurance in Belgium.
Hungarian insurers' GWP for 1H2016 amounted to EUR 1.45 billion, 2.8% up y-o-y, the non-life segment being the growth driver, especially due to the double digit increase witnessed on the MTPL insurance line.
Hungarian insurer CIG Pannoinia announced that signed an agreement with Versicherungskammer Bayern, through which CIG Pannoinia Life Insurance and CIG Pannonia First Hungarian General Insurance would acquire majority stakes MKB Life Insurance and MKB General Insurance.
Insurance company CIG Pannonia has posted a HUF 218 million net profit for the second quarter according to HAS, its best quarterly result to date.
Hungarian insurance market totaled HUF 236.9 billion (EUR 754 million) at the end of March 2016, 1.84% less y-o-y, according to the statistics published by the Central Bank. The volume of paid claims by insurers remained stable at HUF 126 billion (EUR 400 million).
Hungarian weekly Figyelo has published so far unknown details about the
sale of MKB Bank, which show that two New York-based private equity
firms, J.C. Flowers & Co. and Ripplewood Holdings were beaten in the
bidding. The paper said they offered less for MKB. It is also new
information that the German owner will soon sell the two MKB insurers.
Commissions cashed by insurance agents on investment-linked (i.e. unit-linked and mixed) insurance policies may substantially decrease in the near future if the new bill demanding cost reduction and increased transparency proposed by the National Bank of Hungary will be adopted, informs potfolio.hu.