CIG Pannónia losses narrow as investments pay off

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Hungarian life insurance company CIG Pannónia on Thursday said its first-quarter loss narrowed to HUF 338 million from HUF 1.2 billion in the same period a year earlier as revenue from investments jumped. Revenue from premiums fell 8% to HUF 4.9 billion and payouts on policies rose 28% to HUF 2.3 billion. But revenue from investments reached HUF 2.8 billion, up from just HUF 245 million in the base period. CIG Pannónia sold 32,811 new policies in Q1, down 21.5% from the same period a year earlier. The value of the new policies fell 20.8% to HUF 2.4 billion. CIG Pannónia had total assets of HUF 53.4 billion on March 31, up 26.5% from twelve months earlier. Net assets fell 50.9% to HUF 1.6 billion.

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