CIG Pannónia Life Insurance Plc. increased its premium income by 10 percent, thus reaching HUF 20.11 billion. In the life insurance segment, new acquisitions have increased by half compared to the first three quarters of 2018.  Group level operating profit after tax is HUF 354 million loss, and the total comprehensive income is a HUF 463 million gain in the third quarter of 2019, the company's stock exchange flash report informed.

Budapest, 19 November 2019 - Today CIG Pannonia Life Insurance Plc published its consolidated non-audited report, prepared in accordance with International Financial Reporting Standards (IFRS), with 2019 Q3 financial data. Group level operating profit after tax is a HUF 354 million loss; the total comprehensive income was a HUF 463 million profit. The decline in profit after tax compared to the first three quarters of 2018 is explained by two items: On the one hand, the reinsurance services abuse at the property insurance subsidiary in respect of Italian cross-border services, and the partly related significant damage events, and/or the foreign exchange loss realised on the Konzum/OPUS share transformation. Excluding these items, the group profit after tax would be HUF 1.998 billion in the first three quarters of 2019, HUF 437 million more than in the same period last year.

The group's performance showed further significant improvement in the first three quarters. Insurance premium revenue increased by 10 per cent, and reached 20.11 billion HUF. In the life segment, new acquisitions were HUF 3.201 billion, almost one and a half times the first three quarters of 2018 new acquisitions, of which HUF 2.093 billion is unit-linked life insurance, and HUF 1.108 billion is from traditional and group life insurance. In the non-life segment, the increase in new acquisitions was 9 per cent. The investment profit amounted to HUF 6.545 billion. The public limited company's equity was HUF 14.991 billion.

The diversification of sales channels also proved to be successful. For life insurance policies sold in 2019, the insurer’s own network’s performance was 20 per cent, while that of the independent broker channel was 28 per cent, and the bank channel made 18 per cent. The financial intermediary subsidiary we launched this sold 10 per cent, while the share of other business development (group life insurance, call centre sales) in new sales was 24 percent.

CIG Pannonia Life Insurance Plc. is financially stable and strongly capitalised; its solvency capital under Solvency II is outstandingly high, 312 percent. The property insurer subsidiary’s solvency capital under Solvency II compliance is 102 percent. The liquidity of the property insurer is also adequate: As of 30 September 2019, it held liquid investments of HUF 9.3 billion and HUF 5.7 billion in net reserves and other liabilities.