Concorde Securities - CIG Pannonia Eletbiztosito Nyrt. (CIGPANNONIA) CIG Pannonia - Q1/18 results reflect efficiency improvement

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Concorde Securities

Attila Vago

CIG Pannonia - Q1/18 results reflect efficiency improvement

Pannonia reported a IFRS consolidated after-tax profit of HUF 615 mln in Q1/18 that compared to HUF 2.5 bln in the same period of a year earlier. After adjusting for the impact of one-offs gains resulting from the acquisition of MKB Insurance Company (HUF 3.2 bln), the result of the assets held for sale (HUF -463 mln) and the revaluation loss on interest-bearing shares (HUF 215 mln) for Q1/17, after-tax profit could have increased by ca. HUF 600 mln on the year.

24/05/2018 7 EN

Underlying

CIG Pannonia Eletbiztosito Nyrt.

CIG Pannonia Eletbiztosito Nyrt. CIG Pannonia Eletbiztosito Nyrt (Cig Pannonia Life Insurance Plc) is a Hungarian-based company active in the insurance sector. The Company offers insurances for pensioners, including funeral and inheritance policy, entrepreneurs, families and recent graduates. The Company's portfolio comprises Unit-linked Life Insurance, Endowment Life Insurance, Term Life Insurance, Alkony Life Insurance and Retirement Life Insurance as well as Accidental Benefit Rider and Premium Assistance Rider. As of December 31, 2011, the Company operated four wholly owned subsidiaries, including CIG Pannonia EMABIT Ltd, Pannonia Biztositaskozvetito LLC and Pannonia PI-ETA LLC, all based in Hungary, as well as TISIA Expert Srl, based in Romania.

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HU0000097738 Hungary

Provider

Concorde Securities

Concorde Securities Ltd. is Hungary’s leading independent company engaged in investment banking activities. It provides its clients with integrated financial services, including securities trading, research, corporate financing advisory, capital market transactions, wealth management and investment advisory. The operational management of the company is the responsibility of the CEO, while the owners/managers (who control one-third of the company through their shares and options) are in charge of its strategic governance. Concorde Securities Ltd. is a member of the Budapest, Frankfurt, Warsaw and Bucharest stock exchanges, as well as of the Hungarian Association of Investment Service Providers.

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Analysts

Attila Vago

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CIG Pannonia - Q1/18 results reflect efficiency improvement

CIG Pannonia reported solid results for ‘23

CIG Pannonia shows resilience in Q3/23 despite one-offs

Net results under IFRS 17 grew impressively YoY in Q2/23

One-offs and high base weigh on Q1 results

Stronger than ever!

Record quarterly revenues, but weak EBIT in Q1

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