Concorde Securities - CIG Pannonia Eletbiztosito Nyrt. (CIGPANNONIA) CIG Pannonia - Staying on track

Report

Concorde Securities

Attila Vago

CIG Pannonia - Staying on track

 CIG Pannonia posted consolidated after-tax profit of HUF 123 mn for Q2/2021
compared to HUF 931 mn in the same period a year earlier on our calculation. After
adjusting for the results of non-life assets held for sales, consolidated after-tax profit
was HUF 149 mn, down by 83% YoY.

24/08/2021 7 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 - Staying on track

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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