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CIG Pannónia books small profit in H1

Hungarian insurer CIG Pannónia had first-half after-tax profit of HUF 131 mln, improving over a HUF 399 mln loss in the same period a year earlier, an earnings report published today reveals.

Revenue from premiums fell by 31% to HUF 6.98 bln, the consolidated IFRS report shows. Payments on claims by policy holders were down by 21% at HUF 3.63 bln. Operating costs declined by 35% to HUF 2.80 bln.