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CIG Pannonia books HUF 197 mln after-tax profit

Telco

Hungarian life insurance company CIG Pannonia booked an after-tax profit of HUF 197 million in the third quarter of this year, improving from a HUF 256 mln loss in the base period, an earnings report published today reveals, according to Hungarian news agency MTI.

Data from the report reveal that gross revenue from premiums was down by 1% to HUF 4.4 billion, while payouts on claims decrease by 2% to HUF 1.8 bln. Operating costs were down by 20% to HUF 1.3 bln, MTI reported.

As compared to a HUF 2.7 bln gain in the base period, CIG booked a HUF 3 bln loss from the investment revenue, however, it also booked a HUF 2.8 bln positive net change, in the value of life technical reserves and unit-linked life insurance reserves, compared to a negative change of HUF 3.9 bln in the base period, MTI said.

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