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.

Budapest, 22 August 2019 – Today CIG Pannónia Life Insurance Plc. published its unaudited consolidated report, in accordance with the international financial standards (IFRS), with its 2019 Q2 financial data. The Group level after-tax result is a loss of 610 MHUF; the total comprehensive income is 416 MHUF profit. For the first time in a long time, the company closed a loss-making quarter, attributable to two main factors. On the one hand, significant damage events occurred in the non-life segment of Italian cross-border surety insurance, so-called 'gaming' insurance. Provisioning for claims caused a net loss of 692 MHUF after tax. On the other hand, the withdrawal of Konzum shares, in connection with the merger of Konzum Plc. into OPUS Global Plc., resulted in a 1.057 BHUF price loss, the one-off effect of which was mainly set off in the other comprehensive income; thus its equity effect became much less, -331 MHUF. This one-off effect does not affect CIG Pannónia's capital adequacy or solvency, nor its technical results and cash flow generation ability.

Insurance premium revenue increased by 2 percent in the life segment and by 11 percent in the non-life segment compared to the first half of 2018, bringing the total premium income to 13.286 BHUF in the first half, which is 5 percent higher than a year ago. In the life segment, new acquisition were 2.276 BHUF, 49 percent higher than new acquisitions in the first half of 2018.

At the beginning of this year, CIG Pannonia Financial Intermediary Ltd. started its insurance and financial intermediary activity as a tied agent. The brokerage firm currently employs 188 registered insurance consultants, sold 187 MHUF in annualized premium in the first half of the year, and then began its credit intermediation activities. On May 23, 2019, the MNB authorised it to engage in financial services intermediary activities, which may be pursued as a money market multiple agent. The authorisation also covers the activity of mortgage brokerage.

In 2019, CIG Pannónia’s equity increased from the 2018 end-year 17.392 BHUF to 17.956 BHUF, i.e. by 3 per cent. On 30 June 2019, the Solvency II capital adequacy of CIG Pannónia’s life insurance segment is 321 per cent, while it is 151 per cent in the non-life insurance segment; as such, both companies comply with the minimum 150 per cent minimum capital adequacy level expected by the Supervisor.