reports
- Attila Vago
CIG Pannonia - Adjusted Q4/22 Results Were As Strong As Posssible
Adjusted Q4/22 results were as strong as posssible CIG Pannonia (Pannonia) consolidated after-tax profit of HUF 383mn for Q4/2022. Adjusted for the impact of extra insurance tax of HUF 324mn, after-tax profit was HUF 707mn on our estimate (+555% YoY and +76% QoQ) on GWP coming in at HUF 9.7bn (+29% YoY). Total reported comprehensive profit amounted to HUF 1.4bn in Q4/22 versus losses of HUF 1.2bn in the same period of last year despite a rising yield environment.
- Attila Vago
CIG Pannonia - Resilient Operation Enables Pannonia To Withstand Econo...
We reiterate CIG Pannonia (Pannonia) as BUY while lowering our 12-m target price to HUF 410 (from HUF 429 previously). We have revised down our 2022E/2023E net income forecasts by 20% and 14% to HUF 1.6 bln in 2022 and HUF 2.04 bln in 2023 (previously HUF 2.03 bln and 2.37 bln) after having incorporated the potentially harmful impact of 1) a substantial increase (
- Attila Vago
CIG Pannonia-Q1/22 results: outstanding GWP growth YoY
CIG Pannonia (Pannonia) posted consolidated after-tax profit of HUF 66 mn for Q1/2022 (-83% YoY) on GWP of HUF 7.6 bln (+52% YoY). Life insurance segment posted after-tax losses of HUF 232 mln compared to profit of HUF 348 mln in Q1/21 due to a significant growth in unit-linked income, while non-life business also generated losses of HUF 273 mln as against losses of HUF 52 mln in the same period a year earlier. Other activities went into the red as well, with after tax losses of HUF 157 mln co...
- Attila Vago
CIG Pannonia - Promises have been delivered
CIG Pannonia (Pannonia) posted consolidated after-tax profit of HUF 838 mn forQ4/2021 (on GWP of HUF 6.9 bln (+20% YoY) compared to losses of HUF 85 mln onGWP 5.71 bln in the same period a year earlier. Life insurance segment posted aftertax profit of HUF 259 mln (+55% YoY) due to a significant growth in unit-linkedincome, while non-life business generated loss of HUF 170 mln as against loss ofHUF 555 mln in the same period a year earlier. Other activities went into black, withafter tax profit o...
- Attila Vago
CIG Pannonia - Stepping up
CIG Pannonia posted consolidated after-tax profit of HUF 289 mln for Q3/2021 onGWP of HUF 5 bln (+12.6% YoY) compared to losses of HUF 428 mln on GWP 4.44bln in the same period a year earlier. Both life insurance and non-life segmentsreported standalone losses due to a significant growth in businesses and thus inreserves. In the first nine months CIG Pannonia reached consolidated reported aftertax profit of HUF 795 mln on GWP 15.86 bln, up by 6.6% and 16.5% YoY,respectively.
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