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A profit of BHUF 1.155 at CIG Pannonia in the first half of the year

With nearly BHUF 11.5 in premium income, the profit per share is HUF 15.1, reported CIG Pannonia Life Insurance Plc. in its Q2 results report.

 

CIG Pannonia Life Insurance Plc, “Insurance Company of the Year” last year, published its consolidated, non-audited report, in line with the international accounting rules, with 2018 Q1 and Q2 financial data. The Group level profit after tax is BHUF 1.155; the total comprehensive income is MHUF 642 profit, and the profit per share is HUF 15.1. Insurance premium income was BHUF 11.468 in the first six months of 2018. The life segment has doubled its profit after tax year-on-year, while the non-life segment achieved a MHUF 410 profit after the 2017 first half loss of MHUF 135.

In the life segment, the new acquisitions in life insurance in the first half were BHUF 1.524, which is a 7 per cent increase compared to 2017, year-on-year. In the nonlife segment, the net portfolio development is a MHUF 86 decrease, explained by the portfolio clearance after the integration of the insurance company acquired last year.

In 2018, CIG Pannonia’s equity increased from the last year end’s BHUF 9.015 to BHUF 16.937. The General Meeting in April decided that the Limited Company distributes a gross HUF 10/share dividend for the 2017 business year to the shareholder. The payment of the total MHUF 933 dividend has been completed in the first half of the year, in line with the plans.

The Solvency II capital adequacy of CIG Pannonia’s life segment is 348 per cent, while the capital adequacy of the non-life segment is 180 per cent, and so they meet the minimum capital adequacy level of 150% expected by the Supervisor.

You can dowload the full report here.