CIG Pannonia - Life Is Not Just A Dream
 CIG Pannonia Life Insurance (Pannonia) reported a profit after tax of HUF 243mn for Q1/20 compared to HUF 501mn in the same period a year earlier. The decrease in after-tax profit was due to two one main reason: the profit after tax of the non-life segment, as a discontinued operation, was HUF 73mn loss, as against a HUF 249mn gain in previous year same period. The insurer’s life segment increased its profit after tax from HUF 252mn to HUF 316mn in Q1/20.
 The other comprehensive income was HUF 1.43bn loss, due to unrealized loss of HUF 1.06bn on OPUS shares owned by Pannonia. We note that Pannonia has had (unrealized and realized) losses of HUF 2.5bn on OPUS shares ever since it purchased them.
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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