Concorde Securities - CIG Pannonia Eletbiztosito Nyrt. (CIGPANNONIA) CIG Pannonia delivers solid results in Q1 2024

Report

Concorde Securities

Mihaly Gajda

CIG Pannonia delivers solid results in Q1 2024

Key Message
 CIG Pannonia reported strong first-quarter results for 2024. Gross written
premiums rose by 14% year-over-year, from HUF 10.6 billion to HUF 12 billion.
Pre-windfall tax profitability increased by 59% year-over-year, from HUF 482
million to HUF 765 million. These figures indicate that the company is on a robust
growth trajectory.

10/06/2024 4 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 delivers solid results in Q1 2024

CIG Pannonia reported solid results for ‘23

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

ROMGAZ: A KEY PILLAR FOR ROMANIA'S ENERGY INDEPENDENCE AND STABLE GROWTH

Promising start for the year

The growth continues

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