CIG Pannónia general insurance unit loses HUF 189m in first three quarters
CIG Pannónia Life Insurance 100%-owned general-insurance unit Pannonia First Hungarian General Insurance Company (CIG Pannónia EMABIT) had losses of HUF 189m in the first nine months of 2011, company CEO Ottó Csurgó reported on Wednesday.
Csurgó said that CIG Pannonia EMABIT’s Q1-Q3 losses conformed to expectation, adding that the new unit generated HUF 117m in revenue from premiums during the period.
The company began providing mandatory vehicle insurance and property insurance in October, Csurgó noted.
CIG Pannónia Life Insurance said in its IFRS report published earlier on Wednesday that the company’s revenue from premiums rose 34% yr/yr to HUF 19.01bn during the first three quarters of 2011, while losses were HUF 2.33bn in Q1-Q3 of this year, compared to HUF 2.24bn during the same period last year.
ADVERTISEMENT
Business Confidence Worsens, Consumer Confidence Improves
Parliament Negates Mandatory Membership in MOK
Haulier Koncsek Trans Invests HUF 150 mln in Garage Upgrade
Budapest Leaders Unveil Plans to Scale Back Traffic on Thoro...
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.
