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CIG Pannónia Q1 profit falls as premiums revenue stagnates

Insurer CIG Pannóniaʼs first-quarter after-tax profit fell 16% year-on-year to HUF 508 million as revenue from premiums was flat, an earnings report released before the opening bell on Tuesday shows, state news wire MTI reported.

Gross revenue from premiums was practically unchanged at HUF 6.3 billion.

Total income jumped 52% to HUF 9.0 bln on a big increase in investment income, but that rise was matched by higher investment expenses and net changes in reserves and benefits.

Earnings per share came to just over HUF 5 for the period.