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.
The Generali Group in Hungary saw revenue from insurance premiums rise 4.7% to HUF 121 bln last year, the firm reported yesterday, according to Hungarian news agency MTI.
Hungarian insurers ended 2015, according to the preliminary data published by the National Bank of Hungary (NBH), with an aggregated GWP volume of EUR 2.72 billion, 2.67% up y-o-y. In local currency, total GWP amounted to HUF 851.43 billion, 2.1% up y-o-y. The market's contract portfolio increased by 5.8% relative to the end of the previous year
From 4th March on KOBE Central European Mutual Insurance Association can again sell MTPL contracts, as the Magyar Nemzeti Bank has lifted its restriction on sales by the company, after the insurer submitted a financial plan to abolish the previous reserve deficit.
The National Bank of Hungary (MNB) is considering imposing strict limits on the fees of non-pension-based unit-linked insurance products insurers can charge customers by introducing total cost indicator limits, Kornel Kisgergely, the central bank's managing director responsible for the supervision of financial institutions, said yesterday, according to Hungarian news agency MTI.
Hungary's insurance sector posted 2.2% y-o-y annual GWP growth in 2015, Anett PANDURICS, President of MABISZ stated at a specialty conference organized in Budapest. As reported by porfolio.hu, the Hungarian insurance market has expanded for the third year in a row, reaching HUF 851 billion, according to the central bank's statistics.
Aegon Hungary recently took home the 2015 Client-Friendly Insurer of the
Year Award, based on feedback from more than 52,000 clients. A
significant achievement in a country with a total population of just 10
million. The campaign was run by NETRISK.hu, an online insurance
broker. Not only did clients rank insurance companies on a general
level, but they were asked to assess companies based on their
administration, client information, client retention, and claims
Colonnade Insurance, a member of Canadaʼs Fairfax Financial Holdings,
has opened a branch in Hungary and taken over the local business of QBE
Insurance, Hungarian news agency MTI reported today.
Austriaʼs Vienna Insurance Group (VIG) had annual revenue of HUF 63-65 bln from premiums in Hungary, the management of the groupʼs local businesses told journalists on Friday, but the management did not disclose other figures for last year, according to reports.
AXA announced that it has entered into an agreement to sell its Hungarian banking operations to OTP Bank. The French Group expects that the sale will result in an EUR 80 million loss in net income. In this regard, "a provision was booked in the Group consolidated financial statements as of December 31, 2015", AXA officials pointed out in a statement.
Starting March 1st, 2016, Imre SZTANO, currently Chief Sales Officer (CSO) of NN Hungary, will be appointed CEO of the company, this change waiting for regulatory approval. He will succeed Cornelia COMAN, who was CEO of NN Hungary since 2012: "She will be moving on to a new role within NN Group", the company announced in a statement.
The stock of savings reached a record at Magyar Posta (Hungarian Post)
in 2015, the company announced on Monday. By the end of last year, the
number of Posta Bank Accounts exceeded 50,000.
On average Hungarians spent HUF 540 forints a day on travel insurance last year when traveling out of country, on par with data available for 2014, online daily napi.hu reported today according to data compiled by online brokerage firm Netrisk.hu.
Central Europe's largest independent lender, Hungary's OTP Bank, is in talks to acquire the local retail mortgage portfolio of AXA Bank Europe SA, which has posted steep losses, financial sector sources told Reuters.
When asked what the point of the government losing HUF 17 bn on buying
into MKB Bank, the CEO of the bank cited interests of the national
economy. The bank cut its operating costs heavily in 2015, and got to
show what it was like when a state-owned bank extended loans. In recent
days, MKB got rid of its non-performing project loan portfolio and was
transferred to the Hungarian Consolidation Asset Manager Zrt, where it
will remain until a buyer is found by the middle of next year. Portfolio
interviewed CEO Adam Balog.
Hungarian life insurance company CIG Pannonia booked an after-tax profit of HUF 197 million in the third quarter of this year, improving from a HUF 256 mln loss in the base period, an earnings report published today reveals, according to Hungarian news agency MTI.
Hungarian insurers' GWP rose 2.6% y-o-y to HUF 647 billion (EUR 2 billion) in the first nine months of the year, according to the figures published by the National Bank. Life insurance GWP was down by 1.5% to HUF 333 billion, while revenue from premiums on general insurance policies increased by 7.3% to HUF 314 billion.
The National Bank of Hungary (MNB) on Friday said it had suspended the
sale of mandatory car insurance policies by KOBE and placed restrictions
on management of the insurerʼs assets. The MNB also instructed the insurer to prepare a financial plan, correcting deficiencies. The
MNB said KOBEʼs insufficiently sound fee policy, risks related to its
investment activities and the insurerʼs unfavorable reserves position
justified the measure. The sales suspension does not apply to KOBEʼs other insurance contracts, the market watchdog said.
Hungarian life insurance saw difficult times throughout the years following to the 2008 crisis. Still, the 2011 nationalization of the private pensions' Pillar II segment seems to have resulted in a renewed interest shown by customers to the pensions insurance products. In addition, the TKM (Total Cost Indicator) introduction added a well appreciated degree of transparency and comparability to the life insurance products, easing the customer's choice.