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In 2018 CIG Pannónia achieved 2.106 BHUF profit after tax
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In 2018 CIG Pannónia achieved 2.106 BHUF profit after tax

The last year’s annual premium revenue was 25.832 BHUF – announces the Q4 stock exchange preliminary report of CIG Pannónia Life Insurance Plc.

 

Today CIG Pannónia Life Insurance Plc. published its non-audited consolidated report in accordance with the international auditing standards for the fourth quarter of the year 2018. The Group level profit/loss after tax is a profit of 2.106 BHUF. Compared to the 2017 Q4 profit after tax, after filtering out one-off effects (arising from the profit of acquisition of assets held for sale and the cost of interest-bearing shares) from that profit, the increase of the 2018 profit after tax is 1.757 BHUF compared to the Group level 349 MHUF back then.

The 2018 total comprehensive income is 1.061 BHUF profit. Insurance premium revenue reached 25.832 BHUF. New acquisitions in the life segment were 3.212 BHUF; within this, sales of traditional and group life insurance increased by 53%, compared to the previous year. In 2018, CIG Pannónia’s equity increased from the 2017 end-year 9.015 BHUF to 17.442 BHUF, i.e. by 93 per cent.

The Solvency II capital adequacy of CIG Pannónia’s life insurance business is 346 per cent, while the capital adequacy of the non-life segment is 183 per cent, thus the 150% minimum capital adequacy level expected by the Supervisor is met.