CIG Pannonia achieved solid growth in 2024 Q1-Q3 period
Key Message In 2024 Q3 gross written premium reached HUF 13,647 mn, representing a 5.9%
QoQ decline and 32.2% YoY improvement. In 2024 Q1-Q3 gross written premium
reached HUF 40,274 mn, representing a 27% increase YoY.
Net profit, excluding extra taxes, was HUF 3,706 mn for 2024 Q1-Q3, an 27%
YoY improvement, driven by substantial growth in premium income across
multiple insurance segments due to effective sales strategies, portfolio expansion, and successful new product introductions.
The company's EPS for the first three quarters of 2024 stands at 32.6 HUF. As
a result, CIG may deliver a full-year EPS of 40 to 45 HUF. In 2022 and 2023,
the company’s dividend payout ratios stood at 110% and 108%, respectively.
Based on this trend, a dividend of 40 HUF per share can be anticipated after
2024 results, representing a dividend yield of approximately 11%.
The extremely strong results were primarily due to substantial growth in premium
income across multiple insurance segments, driven by effective sales strategies,
portfolio expansion, and the successful introduction of new products
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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