CIG Pannónia parts with general insurance businesses

Analysis

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CIG Pannónia Life Insurance said Friday the National Bank of Hungary (MNB) has approved the transfer of its home and mandatory vehicle insurance policies to Aegon Magyarország, Hungarian news agency MTI reported.

CIG Pannónia will transfer the policies from its general insurance unit by July 1, 2017, and will focus on “niche markets where it can operate competitively.”

CIG Pannónia shareholders made the decision to sell the companyʼs home and mandatory vehicle insurance businesses at a general meeting in March.

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