Breaking even in Q4/20
CIG Pannonia Life Insurance (Pannonia) broke even in Q4/20 reporting HUF - 10 mn after-tax profit compared to HUF -0.29 bn in the same period a year earlier and HUF -0.43 bn in Q3/20. The increase of after-tax profit on both YoY and QoQ basis was due to lower OpEx (-12% QoQ and -39% YoY predominantly driven by a decline of commissions).
In 2020, the insurer’s consolidated profit after tax amounted to HUF 074 bn compared to HUF -0.64 bn in 2019, which was reduced by HUF 32 mn tax liability. EMABIT as non-life operation generated HUF 0.34 bn loss. We note that businesses up for sale generated profit before tax of HUF 0.79 bn in 2020. The overall comprehensive income came in at HUF 0.36 bn vs HUF 0.32 bn loss in 2019. Comprehensive income contains the decrease in the fair value of available-for-sale financial assets amounting to HUF 0.38 bn, of which HUF 0.35 bn is the unrealized loss on OPUS shares owned by the Group, while the remaining loss (HUF 31mn) arose from the unrealized loss on government bonds.
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.
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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