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CIG Pannónia Life Insurance revenue from premiums jumps to HUF 12 billion in 2009

Hungary's CIG Pannónia Life Insurance had revenue from premiums of HUF 12 billion in 2009, almost three times the HUF 4.2 billion in 2008, the year the company started operating, CEO Csaba Gaál told MTI.

CIG Pannónia has just 1.5% market share, but it aims to have a definitive position on the life insurance market within five years, Gaál said.

The average premium on CIG Pannónia's life insurance policies was HUF 530,000 in 2009, which shows the company is drawing high earners, he said.

CIG Pannónia is preparing to list its shares on the Budapest Stock Exchange this year, but the exact date of the float will depend on market conditions, Gaál said. Policy holders will get a 20% discount off the price of the company's shares, he added.

CIG Pannónia expects its Romanian branch, which started sales in the autumn, to generate several million euros of revenue from premiums in 2010. (MTI-Econews)