HUNGARY - The health insurance fund of Credit Suisse Life and Pensions group (CSLP) aims to become one of the five largest health funds in Hungary next year, according to the Hungarian News Agency.
CSLP's pension funds are already among the top five in the pension segment. By the end of August, CSLP pension fund members totalled 277,000, including 201,000 members in the private fund and 76,000 in the voluntary fund. Assets totalled HUF67bn, including HUF50bn in the private fund.
CSLP founded its health fund in January 2003.
CSLP, formerly called Winterthur Biztosito, redefined its mid- and long-term business strategy over the past 18 months. The insurance arm sold most of its non-life insurance business and pledged to refocus on pay-as-you-go life insurance products. Its premium revenues totalled HUF2.4bn in the first half of 2003, including HUF2.1bn from life insurance and HUF 300m from travel insurance.
CSLP Biztosito recorded losses of HUF1.53bn in 2002, and losses of HUF1.24bn in 2001. CSLP's pension fund arm saw losses of HUF420m in 2002 and HUF412m in 2001.
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