Net profit of insurer Aegon Hungary improves by 9% y/y in 2009.

By bne IntelliNews March 4, 2010
Net profit of insurance company Aegon Hungary amounted to HUF 21bn (EUR 78.8mn) in 2009, increasing by 9% y/y, the company CEO Peter Zatyko reported. Positive performance was likely based on strong results from the non-life insurance segments as its premium revenue surged by 44% y/y. Strong revenue growth on the segment was achieved despite cuts in the premium levels for the most important market of mandatory car insurance, required to maintain competitiveness. Otherwise, the company managed to raise the number of insured vehicles by 50% y/y. It also registered a 32% share on the home insurance market, giving it the leading position. Premium revenue from life insurance slipped by 3% y/y in 2009 and thus accounted for the lower 49.5% share in the total.

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