Pannonia: Healthy New Sales Growth And Strict Cost Discipline
Pannonia reported a IFRS consolidated after-tax profit of HUF 406 mln in Q3/18 compared to HUF HUF -206 mln in the same period of a year earlier. As a result, CIG Pannonia reported ater-tax profit of HUF 1,561 mln for the first nine months of 2018, which means an increase of HUF 1,518 mln compared to last year’s corresponding figure after adjusting it for non-recurring items occurred in the same period of last year.
Consolidated GWP amounted to HUF 5.6 bln (-7% YoY) in Q3/18 as a combined result of portfolio restructuring, a significant decline in the top-up and single premiums due to reclassification of some life insurance contracts to investment contracts (from which income can no longer be recognized as written premium according to EU IFRS), and also to the expiry and surrenders of the unit-linked insurances.
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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