CIG Pannonia - Healthy Underlying Profit Growth Subdued By Extra Taxes
Healthy underlying profit growth subdued by extra taxes
- CIG Pannonia (Pannonia) posted consolidated after-tax profit of HUF 183 mln for Q3/2022. Adjusted for net net impact of extra insurance tax of HUF 275, after-tax profit was HUF 406 mln on our estimate (+40% YoY). GWP came in at HUF 7.7 bln (+53% YoY). Life insurance segment had after-tax losses of HUF 49 mln compared to losses of HUF 195 mln in Q3/21, while non-life business also generated losses of HUF 378 mln as against losses of HUF 213 mln in the same period a year earlier due to the cost of aggressive expansion. Other activities also went into the red, with after tax losses of HUF 67 mln compared to after-tax losses of HUF 70 mln in Q3/21. Elimination amounted to HUF 677 mln vs. HUF 767 mln in the base period.
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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