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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.