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.
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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