Concorde Securities - CIG Pannonia Eletbiztosito Nyrt. (CIGPANNONIA) ... CIG Pannonia - Adjusted Q4/22 Results Were As Strong As Posssible

Report

Concorde Securities

Attila Vago

CIG Pannonia - Adjusted Q4/22 Results Were As Strong As Posssible

Adjusted Q4/22 results were as strong as posssible

CIG Pannonia (Pannonia) consolidated after-tax profit of HUF 383mn for Q4/2022. Adjusted for the impact of extra insurance tax of HUF 324mn, after-tax profit was HUF 707mn on our estimate (+555% YoY and +76% QoQ) on GWP coming in at HUF 9.7bn (+29% YoY). Total reported comprehensive profit amounted to HUF 1.4bn in Q4/22 versus losses of HUF 1.2bn in the same period of last year despite a rising yield environment.

09/03/2023 7 EN

Underlyings

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.

See profile

HU0000097738 Hungary

CIG PANNONIA LIFE INSURANCE

See profile

HU0000180112 Budapest Stock Exchange 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.

See profile

Analysts

Attila Vago

Other Reports on these Companies

Concorde Securities

CIG Pannonia reported solid results for ‘23

CIG Pannonia (Pannonia) reported a PAT of HUF 1.51bn for Q4/23 compared to HUF0.95bn in Q4/22 (+59% YoY) and HUF 0.77bn in Q3/23 (+96% QoQ). Othercomprehensive income including the changes in the fair value of other financialassets (OPUS shares and government securities) valued at fair value was HUF 1.77bncompared to HUF 1.17bn in Q4/22. Total comprehensive income came in at HUF2.2bn in Q4/23, up from HUF 1.75bn in Q4/22.

PREMIUM

March 4, 2024 March 4, 2024 4 EN

Concorde Securities

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

CIG Pannonia (Pannonia or the insurer) reported HUF 772mn after tax profit for Q3/23 compared to HUF 938mn in Q3/22. Other comprehensive income including the changes in the fair value of other financial assets (OPUS shares and government securities) valued at fair value was HUF -191mn compared to a loss of HUF 1.33bn in Q3/22. Total comprehensive income came in at HUF 2.34bn in Q3/23 as against a slight loss of HUF 44mn in Q3/22. Pannonia’s capital position has constantly been stable, with a capital adequacy ratio of 215% at the end of 30 September, 2023. It is worth stressing that Pannonia...

PREMIUM

December 6, 2023 December 6, 2023 6 EN

Concorde Securities

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

CIG Pannonia (Pannonia or the insurer) reported HUF 971mn after tax profit for Q2/23compared to HUF -325mn in Q2/22. Other comprehensive income including thechanges in the fair value of other financial assets (ie. OPUS shares and governmentsecurities) valued at fair value was HUF 1.31bn compared to a loss of HUF 1.73bn inQ2/22. As a result, total comprehensive came in at HUF 645mn in Q2/23 as against aloss of HUF 790mn in Q2/22. It is worth stressing that Pannonia’s reported its second quarter results for the firsttime in accordance with IFRS 17 standards, which significantly differ from the ...

PREMIUM

August 29, 2023 August 29, 2023 5 EN

One-offs and high base weigh on Q1 results

AutoWallis posted Q1/24 results this morning. Revenues reached HUF 89 bn(-11.2% YoY and +5.4 QoQ). The decrease in revenues is due to theexceptionally high base figures in the Distribution BU, as well as to thedisruptions in sea freight causing transitionary loss of volume. These currentlosses are expected to boost Q2 revenues. Our earnings forecasts, which have not included any acquisition estimatesfor the future, looks outdated compared to the management guidance andthe recently announced acquisitions. However, until further model update,we leave our estimates unchanged. We reiterate our B...

PREMIUM

May 17, 2024 May 17, 2024 6 EN

Krisztian Karikas

Krisztian Karikas

Stronger than ever!

Magyar Telekom has reported a very strong Q1 2024 results, beating the consensusestimates on all lines. Group revenues increased by 14.5% YoY in Q1/24 andslightly decreased by 2.2% QoQ, driven by continuous demand for mobile data andfixed broadband services on the back of inflation-based fee adjustments.

PREMIUM

May 17, 2024 May 17, 2024 4 EN

Gabor Bukta

Gabor Bukta

Record quarterly revenues, but weak EBIT in Q1

Key message: Waberer’s reached revenues of EUR 196.7mn in Q1/24, a quarterly recordat consolidated level. The Group achieved an EBIT of EUR 8.5mn, supported by furtherimprovement in the Contract Logistics and Insurance segments. Despite the drop in thequaterly EBIT, we expect that earnings will improve in the coming quarters. Themanagement reaffirmed its FY2024 EBIT guidance of over EUR 40mn as they continue tosee growing operating results after a temporary slowdown. RCL and the insurancesegments remained quite strong, while the ITS segment is projected to reach highermargins due to the pass-t...

PREMIUM

May 17, 2024 May 17, 2024 4 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

CIG Pannonia - Adjusted Q4/22 Results Were As Strong As Posssible

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

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe