Extraordinary announcement on the solvency situation of the Subsidiary of the Company

 

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 pursuant to point c) Paragraph (1) Section 267 of the Act on Business of Insurance announced today the Hungarian National Bank, that the Copmany found that the solvency margin was 102%. The decrease in solvency capital is due to the increase in Italian risk exposure and the lack of reinsurance coverage. EMABIT currently has adequate liquidity: on 30 September 2019, HUF 9.3 billion liquid investment and a liability and net reserve of HUF 5.7 billion.

 

Any potential reduction in the subsidiary's solvency capital does not affect the parent company's (i.e. CIG Pannónia Life Insurance Plc.) solvency, which is 312%.

 

 

CIG Pannonia Life Insurance Plc.