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CIG Pannónia started the year with a 508 MHUF profit after tax

CIG Pannónia started the year with a 508 MHUF profit after tax

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.

Budapest, 21 May 2019 - Today CIG Life Insurance plc. published its unaudited consolidated report, in accordance with the international financial standards (IFRS), with its 2019 Q1 financial data. The Group level profit after tax is 508 BHUF; the total comprehensive income is a 359 MHUF profit.
The insurance premium revenue reached, 6.278 BHUF in the first three months, somewhat exceeding the 2018 Q1 value. The non-life business continues give an outstanding performance, and it increased its IFRS revenue by 10 per cent. The premium revenue of the life insurance segment amounted to 94 percent of the premium revenue of 2018 Q1.

In the life segment, new acquisitions grew significantly, by 55 per cent, thus reaching 1.186 BHUF. This improvement reflects the shift in the product mix towards risk and traditional products, including the upswing in group insurance. Demand continues to remain heavy for pension and health insurance products.

The subsidiary established on 29 November 2018, CIG Pannonia Financial Intermediary Ltd., in which the Group has a share of 95%, had a great start. The insurance and financial intermediary, working as tied agent, sold insurance close to 50 MHUF in annualised premium value, and it has commenced its credit intermediary activity.

In 2019, CIG Pannónia’s equity increased from the 2018 year-end 17.392 BHUF to 17.751 BHUF, i.e. by 2 per cent. In Q1 the equity has changed due to the recognition of the total comprehensive income. On 31 March 2019, the Solvency II capital adequacy is 323 per cent, while it is 181 per cent in the property insurance segment, so both segments comply with the minimum 150% capital adequacy level expected by the Supervisor.