Concorde Securities - CIG Pannonia Eletbiztosito Nyrt. (CIGPANNONIA) CIG Pannonia - Q2/18 results reflect steady earnings improvement

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Concorde Securities

Attila Vago

CIG Pannonia - Q2/18 results reflect steady earnings improvement

Pannonia reported a IFRS consolidated after-tax profit of HUF 540 mln in Q2/18 compared to HUF 615 mln in Q1/18 and HUF -31 mln in the same period of a year earlier.

Consolidated GWP amounted to HUF 5.9 bln (-11% YoY) in Q2/18 as a combined result of portfolio restructuring, a significant decline in the top-up and single premiums due to reclassification of some insurance contracts to investment contracts (which can no longer be recognized as written premium according to EU IFRS), and also to the expiry and surrenders of the unit-linked insurances. The life insurance segment’s GWP was HUF 3.7 bln (-9% YoY) and accounted for 63% of the total consolidated GWP Unit-linked and traditional pension insurance policies rose 31% YoY to HUF 1.6 bln and altogether represented ca. 42% of the life segment’s GWP. The non-life insurance segment’s GWP also dropped 13% YoY to HUF 2.2 bln and contributed 37% to the total consolidated GWP.

23/08/2018 8 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

Attila Vago

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CIG Pannonia - Q2/18 results reflect steady earnings improvement

CIG Pannonia reported solid results for ‘23

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

Net results under IFRS 17 grew impressively YoY in Q2/23

One-offs and high base weigh on Q1 results

Stronger than ever!

Record quarterly revenues, but weak EBIT in Q1

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