CIG Pannonia books HUF 197 mln after-tax profit
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.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.