reports
- Gabor Bukta
CIG Pannonia reported solid results for ‘23
CIG Pannonia (Pannonia) reported a PAT of HUF 1.51bn for Q4/23 compared to HUF0.95bn in Q4/22 (+59% YoY) and HUF 0.77bn in Q3/23 (+96% QoQ). Othercomprehensive income including the changes in the fair value of other financialassets (OPUS shares and government securities) valued at fair value was HUF 1.77bncompared to HUF 1.17bn in Q4/22. Total comprehensive income came in at HUF2.2bn in Q4/23, up from HUF 1.75bn in Q4/22.
- Gabor Bukta
CIG Pannonia shows resilience in Q3/23 despite one-offs
CIG Pannonia (Pannonia or the insurer) reported HUF 772mn after tax profit for Q3/23 compared to HUF 938mn in Q3/22. Other comprehensive income including the changes in the fair value of other financial assets (OPUS shares and government securities) valued at fair value was HUF -191mn compared to a loss of HUF 1.33bn in Q3/22. Total comprehensive income came in at HUF 2.34bn in Q3/23 as against a slight loss of HUF 44mn in Q3/22. Pannonia’s capital position has constantly been stable, with a cap...
- Attila Vago
Net results under IFRS 17 grew impressively YoY in Q2/23
CIG Pannonia (Pannonia or the insurer) reported HUF 971mn after tax profit for Q2/23compared to HUF -325mn in Q2/22. Other comprehensive income including thechanges in the fair value of other financial assets (ie. OPUS shares and governmentsecurities) valued at fair value was HUF 1.31bn compared to a loss of HUF 1.73bn inQ2/22. As a result, total comprehensive came in at HUF 645mn in Q2/23 as against aloss of HUF 790mn in Q2/22. It is worth stressing that Pannonia’s reported its second quarter ...
- Attila Vago
Adjusted net results under IFRS 17 grew threefold YoY in Q1/23
CIG Pannonia (Pannonia) reported its first quarter results for the first time inaccordance with IFRS 17 standards, which significantly differ from the resultsreported according to IFRS 4 standards used in the market until now. Theintroduction of the IFRS 17 accounting transition methodology for 31 December 2021resulted in an a significant increase of HUF 7.3bn (+56%) from HUF 13.2bn to HUF18.7bn in Pannonia’s consolidated equity at that date, implying a BVPS of HUF 198and 1.3x P/BV. However, the...
- 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 - Healthy Underlying Profit Growth Subdued By Extra Taxes
Healthy underlying profit growth subdued by extra taxes CIG Pannonia (Pannonia) posted consolidated after-tax profit of HUF 183 mln for Q3/2022. Adjusted for net net impact of extra insurance tax of HUF 275, after-tax profit was HUF 406 mln on our estimate (+40% YoY). GWP came in at HUF 7.7 bln (+53% YoY). Life insurance segment had after-tax losses of HUF 49 mln compared to losses of HUF 195 mln in Q3/21, while non-life business also generated losses of HUF 378 mln as against losses of HUF...
- 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 - Staying on track
CIG Pannonia posted consolidated after-tax profit of HUF 123 mn for Q2/2021compared to HUF 931 mn in the same period a year earlier on our calculation. Afteradjusting for the results of non-life assets held for sales, consolidated after-tax profitwas HUF 149 mn, down by 83% YoY.
- Attila Vago
CIG Pannonia - Back to growth under new leadership
CIG Pannonia Life Insurance (Pannonia) reported in Q1/21 HUF 383mn after-tax profitcompared to HUF 243mn in the same period a year earlier. The increase of after-taxprofit was mainly attributable to higher GWP (+19% YoY), lower net claims andstricter control over OpEx (+5% YoY), with acquisition costs declining by 3% YoY. Comprehensive income came to HUF -67mn versus HUF -1.19bn in the same perioda year ago. Other comprehensive income included a HUF 450mn decrease in the fairvalue of available-...
- Attila Vago
Breaking even in Q4/20
CIG Pannonia Life Insurance (Pannonia) broke even in Q4/20 reporting HUF - 10 mn after-tax profit compared to HUF -0.29 bn in the same period a year earlier and HUF -0.43 bn in Q3/20. The increase of after-tax profit on both YoY and QoQ basis was due to lower OpEx (-12% QoQ and -39% YoY predominantly driven by a decline of commissions). In 2020, the insurer’s consolidated profit after tax amounted to HUF 074 bn compared to HUF -0.64 bn in 2019, which was reduced by HUF 32 mn tax liability. EM...
- Gellert Gaal
Surprisingly weak Q3 results
CIG Pannonia Life Insurance (Pannonia) reported an unexpectedly low profit after tax of HUF 9mn for Q3/20 compared to HUF 489mn in the same period a year earlier and HUF 520mn in Q2/20. The precipitous fall in after-tax profit on a QoQ basis was primarily due to significantly lower GWP and higher OpEx. The increase in OpEx was driven by the expected loss on policies sold by CIG Pannónia Pénzügyi Közvetítő Zrt, a wholly-owned agent subsidiary. In Q1-3/20, the insurer’s consolidated profit befo...
- Attila Vago
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 wa...
- Attila Vago
CIG Pannonia - Impairments sent earnings into the red - Instant Earnin...
CIG Pannonia – Instant Earnings Comment Recommendation: Under revision (prev. Neutral) Target Price (12-month): Under revision (prev. HUF 315) Current Share Price: HUF 129 CIG Pannonia (Pannonia) reported consolidated net losses of HUF 641mn for FY2019, compared with a net income of HUF 1,794mn for FY2018. The insurer’s profit plummeted for two main reasons: 1) significant claims and related misconduct of the Italian cross-border insurance product in non-life segment with a total impa...
- Attila Vago
CIG Pannonia - One-Off Losses Overshadowed Strong Underlying Q3 Result...
CIG Pannonia – Instant Earnings Comment Recommendation: Under revision (prev. Neutral) Target Price (12-month): Under revision (prev. HUF 315) Current Share Price: HUF 215.5 CIG Pannónia (“the Insurer”) reported after-tax profit of HUF 256 mn in Q3/19 compared to HUF 406 mn in the same period last year. Results were affected negatively by provisioning needs of HUF 525 mn for cross-border surety insurance activity pursued by its wholly owned subsidiary, CIG Pannónia First Hungarian Gen...
- Attila Vago
CIG Pannonia - The Adventure In Italy Is Getting Uglier
CIG Pannonia – Equity Note Recommendation: Under revision (prev. Neutral) Target Price (12-month): Under revision (prev. HUF 315) Current Share Price: HUF 303 CIG Pannónia (“the insurer”) announced succinctly that its wholly owned subsidiary, CIG Pannónia First Hungarian General Insurance Company Ltd. (EMABIT), due to its cross-border surety insurance activity in Italy, is expected to report a further loss of HUF 670 mn on top of losses (HUF 692 mn) incurred in Q2/19. Background to the ...
- Attila Vago
CIG Pannonia - Capital reduction means nice payments to the shareholde...
CIG Pannonia – Equity Note Recommendation: Accumulate (unch.) Target Price (12-month): HUF 496 (prev. HUF 484) Current Share Price: HUF 446 CIG Pannonia’s Board of Directors proposes the reduction of the share capital of the insurer through the decrease of the nominal value of the shares in order to the distribution of excess capital. Due to the reduction of the share capital Pannonia’s share capital shall decrease from 3.777.130.400 HUF to 3.116.132.580 HUF and the nominal value of t...
- Attila Vago
Pannonia: After-Tax Profit Beat Expectations
CIG Pannonia – Earnings Comment Recommendation: Accumulate (unch.) Target Price (12-month): HUF 484 (unch.) Current Share Price: HUF 421 Pannonia reported a IFRS consolidated after-tax profit of HUF 545 mn in Q4/18 versus HUF 330 mn in the same period of a year earlier. As a result, CIG Pannonia reported after-tax profit of HUF 2,106 mn for 2018 compared to HUF 349 mn clean after-tax profit in 2017. We note that Pannonia booked one-off items in 2017 including a non-recurring gain o...
- Attila Vago
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 resul...
- 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 th...
- Attila Vago
CIG Pannonia - Q1/18 results reflect efficiency improvement
Pannonia reported a IFRS consolidated after-tax profit of HUF 615 mln in Q1/18 that compared to HUF 2.5 bln in the same period of a year earlier. After adjusting for the impact of one-offs gains resulting from the acquisition of MKB Insurance Company (HUF 3.2 bln), the result of the assets held for sale (HUF -463 mln) and the revaluation loss on interest-bearing shares (HUF 215 mln) for Q1/17, after-tax profit could have increased by ca. HUF 600 mln on the year.
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