With the scores tied 7-7 in the Kazakh city Almaty, it was penalties that would decide the final.

An 11-9 win for the defending champions made it a third straight triumph for the nation over world champions Hungary in major tournament finals.

Serbia beat Hungary 10-6 in the International Swimming Federation (FINA) World League final in June, while last month, the team secured a 12-7 win in the final of the European Water Polo Championship in the Hungarian capital Budapest.

It is the third time in four World Cups that Hungary have been beaten finalists, losing to Serbia and Montenegro in 2006 and Russia in 2002.

They won the tournament in Sydney in 1999.

In the bronze medal match in Almaty, 2012 Olympic champions Croatia beat the United States 8-6.

Australia beat the hosts Kazakhstan 12-6 in the battle for fifth place, while Montenegro secured seventh win a 13-10 win over South Africa.

Four teams qualified from the tournament for the 2015 FINA World Championships in Kazan, Russia - Croatia, the US, Australia and Kazakhstan.

Serbia and Hungary have already qualified for the Championships.

Hungary's captain Daniel Varga was named the tournament's Most Valuable Player, with Serbian Stefan Zivodinovic the Best Goalkeeper.

Americans Bret Bonnani and Jesse Smith were awarded Highest Goalscorer, with 13 goals, and Best Defender, respectively.