Concorde Securities - CIG Pannonia Eletbiztosito Nyrt. (CIGPANNONIA) CIG Pannonia continued its strong growth trajectory in Q2 2024.

Report

Concorde Securities

Mihaly Gajda

CIG Pannonia continued its strong growth trajectory in Q2 2024.

Key Message
 In 2024 Q2 gross written premium reached HUF 14,508 mn, representing a 19.7%
QoQ improvement and 34.8% YoY. In 2024 H1 gross written premium reached
HUF 26,627 mn, representing a 24.7% increase YoY.
 Net profit, excluding extra taxes, was HUF 2,505 mn for H1 2024, an 84%
year-on-year increase, driven by substantial growth in premium income across
multiple insurance segments due to effective sales strategies, portfolio expansion, and successful new product introductions.
 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.

06/09/2024 5 EN

Underlying

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.

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HU0000097738 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.

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Analysts

Mihaly Gajda

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CIG Pannonia continued its strong growth trajectory in Q2 2024.

CIG Pannonia delivers solid results in Q1 2024

CIG Pannonia reported solid results for ‘23

Growth from Italy resulted in solid Q2 results

Changing to the fast lane

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