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CIG Pannonia Life Insurance injects HUF 550m in non-life-insurance unit

Hungarian insurer CIG Pannonia Life Insurance has raised the capital of its non-life-insurance unit, CIG Pannonia Első Magyar Általános Biztosító by HUF 550m in order to facilitate the start of the company's active operations, CIG Pannonia Life Insurance announced on Monday.

The capital raise was registered by the Budapest Court.

HUF 545m of the capital raise went into the unit's capital reserves and the remaining HUF 5m raised the registered capital, to HUF 990m.

CIG Pannonia Life Insurance is a B-category issuer at the Budapest Stock Exchange.