The market concentration based on premium income has been gradually decreasing on the Hungarian insurance market, but the five largest insurers - according to their profit generating capacity - continue to dominate the scene. While Allianz is the only one of these five that has released its 2011 earnings report so far, in view of previous data it seems that it takes quite a large market share to book a handsome profit. In this article we put the spotlight on the profitability of local insurers between 2003 and 2010. It turned out that Aegon is the same on the insurance market as OTP is in the banking sector. Although based on premium income Aegon was generally only the fourth-largest player on the Hungarian market, when it comes to profit it was almost unbeatable.

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HUNGARY: Heaven and hell in insurance sector