CIG Pannónia posts profit in 2015

Telco

Hungaryʼs CIG Pannónia Life Insurance booked after-tax profit of HUF 928 million in 2015, improving from a HUF 170 mln loss in 2014, the companyʼs unaudited consolidated IFRS earnings report published today shows.

The figure included HUF 104 mln in revenue from deferred taxes. 2015 earnings per share reached HUF 14.9. Payouts on claims rose 4% to HUF 1.8 billion. Operating costs fell 8% to HUF 5.7 bln.


The company said 2015 was the first full year of a new strategy focusing on profitability, revision of the sales policy and the decisive presence in market niches, adding that the profit was a record.


Gross revenue from premiums rose 6% to HUF 17.4 bln last year. IFRS revenue fell 1% in the life segment and rose 49% in the non-life segment, in the EMABIT unit, to HUF 3.6 bln. EMABIT had its first profitable year to date. The groupʼs assets manager recorded HUF 580 mln in after-tax profit, which added HUF 250 mln to the consolidated figure.


The group had net assets of HUF 3.2 bln at the end of 2015, up 40% as profit reserves were still negative, but improved by HUF 915 mln to minus HUF 15.3 bln. Total assets rose 6% to HUF 69.4 bln at the end of last year.

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