CIG Pannonia - Back to growth under new leadership
CIG Pannonia Life Insurance (Pannonia) reported in Q1/21 HUF 383mn after-tax profit
compared to HUF 243mn in the same period a year earlier. The increase of after-tax
profit was mainly attributable to higher GWP (+19% YoY), lower net claims and
stricter control over OpEx (+5% YoY), with acquisition costs declining by 3% YoY.
Comprehensive income came to HUF -67mn versus HUF -1.19bn in the same period
a year ago. Other comprehensive income included a HUF 450mn decrease in the fair
value of available-for-sale financial assets, of which HUF 205mn is the unrealized loss
on OPUS shares held by Pannonia and the remaining HUF 245mn was the unrealized
loss on government securities.
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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