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CIG Pannónia premium revenues, profits up

Q1-Q3 revenues from premiums of Hungarian insurer CIG Pannónia  Group rose 41% year-on-year to HUF 18.6 billion, the company said in an unaudited, consolidated IFRS earnings report released early Tuesday, as reported by state news agency MTI.

Operating costs were up 74% at HUF 7.0 bln.  CIG Pannónia booked after-tax profit of HUF 2.27 bln for the first three quarters, compared to after-tax profit of HUF 463 million in the base period.

The figures were lifted by the acquisition of MKB Insurance late last year and the new bank sales channels resulting from a strategic agreement with MKB Bank, MTI reported.

CIG Pannónia agreed to acquire MKB Insurance from Versicherungskammer Bayern late last year and closed the transaction on January 1, 2017. It paid just under HUF 1 bln for the company, and signed a strategic partnership agreement with MKB Bank on selling each otherʼs products to their clients in April 2017.