CIG Pannonia - Promises have been delivered
CIG Pannonia (Pannonia) posted consolidated after-tax profit of HUF 838 mn for
Q4/2021 (on GWP of HUF 6.9 bln (+20% YoY) compared to losses of HUF 85 mln on
GWP 5.71 bln in the same period a year earlier. Life insurance segment posted aftertax profit of HUF 259 mln (+55% YoY) due to a significant growth in unit-linked
income, while non-life business generated loss of HUF 170 mln as against loss of
HUF 555 mln in the same period a year earlier. Other activities went into black, with
after tax profit of HUF 299 mln compared to after-tax profit of HUF 92 mln in Q4/20.
In 2021, Pannonia reached consolidated after-tax profit of HUF 1.68 bln on GWP
22.71 bln, up by 154.8% and 17.7% YoY, respectively, compared to our estimate of
HUF 1.65 bln and HUF 21.47 bln.
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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