CIG Pannónia Life Insurance Plc. increased its premium income by 10 percent, thus reaching HUF 20.11 billion. In the life insurance segment, new acquisitions have increased by half compared to the first three quarters of 2018. Group level operating profit after tax is HUF 354 million loss, and the total comprehensive income is a HUF 463 million gain in the third quarter of 2019, the company's stock exchange flash report informed.
CIG Pannónia Life Insurance Plc. (Registered seat: 1033 Budapest, Flórián tér 1; company registry number: Cg.01-10-045857; hereinafter: the “Company”) hereby notifies its shareholders and the capital market participants that the CIG Pannonia First Hungarian General Insurance cPlc (hereinafter referred to as: EMABIT), 100% subsidiary of the Company dealing with non-life insurance was obligated by the Hungarian National Bank to prepare a recovery plan. In the abovementioned plan to be prepared within two months, the level of solvency capital shall be set at the level covering the needs, or the risk exposure of the subsidiary shall be reduced.
With a five per cent increase in premium revenue, the after-tax result was a 610 MHUF loss, while the total comprehensive income was a profit of 416 MHUF. The results were due to the one-off effect of Konzum Plc's merger with OPUS Plc and the reserves created for the expected claims payments to some large Italian surety insurances , according to CIG Pannónia Life Insurance Plc’s half-yearly flash report.
The 6.278 BHUF premium revenue in the first three months may be attributed to the 10 per cent increase in the non-life business, and the invigorated demand for pension, health and group insurance, states the Q1 Interim Stock Exchange Report of CIG Pannónia Life Insurance Plc.